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 Energy
Urals Energy feeling chipper
Consolidation likely as small oil explorers seek cash
The group, fearful that negotiations with Sberbank, of Russia, will fail in the present turmoil, is locked in talks with a large oil company, thought to be Royal Dutch Shell, about a joint venture that could lead to its share of some of its best assets being heavily diluted. Shell and Urals Energy have declined to comment.