Urals Energy issues loan financing update

Urals Energy said that, further to its announcement in August, the loan provided by Kamchatcomagroprombank (KKAPB) for the acquisition of Arctic Oil Company Ltd has now been repaid in full.

Following the repayment of the abovementioned loan, the Company’s subsidiary JSC Arcticneft entered into a new short-term loan finance arrangement with KKAPB.

KKAPB is a bank in which Mr Shvets, the shareholder of Adler SA, the Company’s largest shareholder, is a board member and shareholder with 15.4% of KKAPB’s issued share capital.

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