18th Apr 2016 14:48
LONDON (Alliance News) - Urals Energy PCL on Monday said it has no plans to follow other companies with Russian assets that have decided to leave AIM, London's market for smaller companies.
In a statement, the exploration and production company said it has taken steps to reducing the costs of being listed on AIM. It did not detail those steps.
"The company's financial position allows the board to follow its strategy of selective acquisitions in these difficult circumstances, and the board believes that maintaining a share trading facility on AIM is key to the company executing its strategy," Urals said.
Its average cash cost per barrel at the well head, net of taxes, has been USD8.40 per barrel over the nine months to December 2015, Urals said, falling from USD14.5 per barrel for the same period in 2014. Brent oil was traded USD41.93 a barrel Monday afternoon.
"Some of these production cost reductions have been offset recently by some Russian rouble inflation and movements in exchange rates. During the final months of 2015, the Russian rouble recovered some of its heavy falls against the US dollar from earlier in 2015," Urals said.
Shares in Urals were down 5.4% at 2.01 pence on Monday afternoon in London.
By Samuel Agini; [email protected]; @samuelagini
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