OilVoice - Urals Energy Provides Update on Disposal and Financing Arrangements

Urals Energy Provides Update on Disposal and Financing Arrangements

Thursday, January 22, 2009

As previously announced, Urals Energy is finalizing details of the arrangements for the disposal of its shares in ZAO Dulisma and Taas Yuriakh to Sberbank or an affiliate, in discharge of its loan obligations to Sberbank.

Also the Company has agreed a short term working capital facility with a third party required for the Company to maintain production at Arcticneft and Petrosakh and meet some other financial obligations. The Facility is conditional upon approval of the disposal arrangements at the Company's EGM scheduled for 10am on 26 January 2009.