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.

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