10 Apr 2013 07:00
10 April 2013
Ruspetro plc ("Ruspetro" or the "Company")
Board Directors Reduce Remuneration
London, 10 April 2013: Ruspetro plc (LSE: RPO), the independent oil & gas development and production company listed on the London Stock Exchange, with operations in the Khanty-Mansiysk region of the West Siberian basin, today announces the Board's decision to convert part of the Directors' cash remuneration into shares at the 2012 IPO price of 134 pence per share.
This reduction in Directors' cash remuneration, equivalent to approximately 30% of total executive and non-executive directors' combined remuneration, will result in a cash cost saving of approximately US$ 1 million at the current share price of 33p. The reduction is effective from 1 April 2013 for a period of one year.
Chris Clark, Non-Executive Chairman, commented:
"This decision ensures better alignment between the interests of Directors and Shareholders and indicates our confidence in the enormous potential of the Company."
Enquiries
Investors / Analyst enquiriesDominic Manley, Ruspetro+44 207 318 1265
MediaPatrick Handley / Catriona McDermott, Brunswick+44 207 404 5959
About Ruspetro
Ruspetro plc is an independent oil & gas development and production company, listed on the premium segment of the London Stock Exchange (LSE: RPO). The Company's operations are located on three contiguous licence blocks in the middle of the Krasnoleninsk Arch in Western Siberia. Ruspetro assets include proved and probable (2P) reserves of over 1.8 billion barrels of oil equivalent.