Ruspetro surges on licence extension in Russia
Ruspetro, the FTSE 250 oil and gas group, saw shares surge on Friday morning after Russian authorities granted the company a licence extension for its Palyanovsky Block.
Ruspetro, the FTSE 250 oil and gas group, saw shares surge on Friday morning after Russian authorities granted the company a licence extension for its Palyanovsky Block.
The Ministry of Natural Resources and Ecology of the Russian Federation said that if Ruspetro complies with new regulations on gas utilisation, the newly extended licence, currently due to expire in December 2015, would be extended for the economic life of the field, currently indicated to be 2063, upon review at the end of 2105.
Shares were up 8.11% at 80p by 10:15 in London.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In connection with new regulations concerning associated petroleum gas flaring in Russia, the licensing authorities have introduced a new condition regarding gas utilisation into the newly extended license.
Ruspetro said that it is currently implementing a programme for gas utilisation that it expected to be completed by the end of 2014.
Palyanovsky covers 180.5 square kilometres with proved and probably reserves of 610m barrels, according to estimates earlier this year.
BC
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%
Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the US
Medium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.