LONDON (Alliance News) - Ruspetro PLC on Monday said its Palyanovo license in Siberia has been extended by the Russian Federal Subsoil Resources Management Agency, and it welcomed a favourable legal decision following a claim against one of its subsidiaries.
The oil and gas development and production company, which has assets in the Western Siberia region of Russia, said the licence has been extended until the end of the economic life of the field, but not later than December 2165. It had been due to expire this month.
Meanwhile, the company said that a USD7.0 million claim previously filed against OJSC INGA by Schlumberger Logelco was dismissed in full by the International Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation.
"As a result of this ruling in favor of OJSC INGA, the claimant must compensate the group's legal fees associated with the protection of its interests in the Court," Ruspetro said. OJSC INGA is a subsidiary of Ruspetro.
Ruspetro also named Peel Hunt LLP as joint broker alongside existing broker Mirabaud Securities LLP.
Shares in Ruspetro were up 9.7% at 5.35 pence on Monday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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