7 Dec 2015 07:00
Ruspetro plc
7 December 2015
Ruspetro plc ("Ruspetro" or the "Group")
License Extension, Schlumberger Arbitration Results and Appointment of Joint Broker
License Extension
Ruspetro plc (LSE: RPO), an independent oil and gas development and production company, with assets in the Western Siberia region of the Russian Federation, is pleased to announce that the Group's Palyanovo license (held by a wholly owned subsidiary of the Group - OJSC Trans-Oil) due to expire in December 2015 has been extended by the Russian Federal Subsoil Resources Management Agency until the end of the economic life of the field, but not later than December 2165.
The Group, through its wholly owned subsidiaries OJSC INGA and OJSC Trans-Oil, holds the Pottymsko-Inginsky, Vostochno-Inginsky and Palyanovo licenses covering 1,205 km2 in the Khanty-Mansiysk region of Western Siberia.
Schlumberger Arbitration Results
The Group is also pleased to announce that a claim previously filed against OJSC INGA by Schlumberger Logelco, Inc. (the "Claimant") in the amount of USD 7 million (as disclosed in the announcement dated 14 August 2015 of the Group's six month results to 30 June 2015) 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.
Appointment of Joint Broker
Ruspetro plc also announces the appointment on 1 December 2015 of Peel Hunt LLP as Joint Broker alongside its existing broker Mirabaud Securities LLP.
About Ruspetro
Ruspetro plc is an independent oil and gas development and production company, with assets in the Western Siberia region of the Russian Federation. Our mission is to unlock the tight oil reservoirs in our asset base while building a leading regional independent E&P company in a safe and environmentally responsible manner for the long-term benefit of our shareholders.
Enquiries
Ruspetro plc
John Conlin, Chief Executive Officer +44 (0)20 7318 1630
Finlay Thomson, Investor Relations +44 (0)79 7624 8471
Mirabaud Securities LLP
Peter Krens +44 (0)20 7878 3362
Peel Hunt LLP
Richard Crichton +44 (0)20 7418 8900
Strand Hanson Limited (financial adviser)
Andrew Emmott +44 (0)20 7409 3494
FTI Consulting
Ben Brewerton, George Parker +44 (0)20 3727 1000