Russia-focused junior oil firm Urals Energy reported Wednesday that it has received payment from Petraco Oil Company following a recent tanker shipment.
The payment has allowed Urals to repay a loan of $3.9 million plus interest that it took out in June, wiping out the company's debt.
"We are pleased to be able to announce receipt of the tanker payment and the repayment of the short-term loan from Petraco, the result of which is that Urals Energy is now debt free," Urals Chairman Andrew Shrager commented in a company statement, adding that the company will also soon update its shareholders on progress in securing an agreement to settle a legal dispute with Viatcheslav Rovneiko and its operational plans for 2015.
Urals is focused on operations located in two separate regions of Russia. At its ArcticNeft operation it is producing oil from the Peschanoozerskoye field, which is situated in the Northern Timan Pechora Basin in the Barents Sea. The firm's Petrosakh operation is located in the Russian Far East, where Urals produces oil from an onshore field on the east coast of Sakhalin Island.
Earlier this month, Urals announced that it had appointed Sergey Uzornikov, previously its chief financial officer, as its new CEO.
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