Urals Energy shares rise after loan repayment

Urals Energy said it repaid the short-term loan it was provided by Petraco Oil and it is now debt free.

The energy firm added it had received a payment for its recent tanker shipment to the oil company, which was then used to pay off the $3.9m loan it had received in June.

"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," said group chairman Andrew Shrager.

We look forward to updating shareholders on progress in securing an agreement to settle litigation [...] and our operational plans for 2015 over the coming weeks."

Urals shares rose 4.14% to 5.08p at 12:24 on Wednesday.