Royal Dutch Shell Group .com Rotating Header Image

Urals Energy feeling chipper

FT Home

By Bryce Elder and Neil Hume

Published: October 14 2008 03:00 | Last updated: October 14 2008 03:00

Urals Energy bounced sharply from a record low after it denied rumours that urgent debt refinancing talks had stalled.

The explorer, based in Siberia, needs to roll over more than $600m owed to Sberbank by the end of the month. It said it continued to target a “mutually satisfactory conclusion”.

A spokesman for Urals said while the refinancing was taking priority, the company remained in negotiations to move its biggest asset, a 35.3 per cent stake in the Taas Yuriakh oil group, into a joint venture. Russian media reported this month that Royal Dutch Shell had pulled out of the talks because of the “high likelihood” that a key licence would be recalled.

Urals closed at 22p, up 175 per cent. The stock reached 445p last April.

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Comments are closed.