Alliance Oil Company Ltd., (AOIL) an explorer in Russia, declined to an almost three-year low in Stockholm trading after cutting its production estimate.
Alliance dropped as much as 8.6 percent to the lowest since April 14, 2009. It cut the 2012 average daily estimate for so- called upstream production from oil fields to 55,000 to 60,000 barrels from 63,000 to 69,000 barrels, according to a statement.
The company held its guidance for average daily output from oil refining at 68,000 to 73,000 barrels and said so-called downstream production was strong in the first quarter. “Higher international oil prices and domestic crude netbacks largely compensated lower volumes in the upstream segment compared to the preceding quarter,” Managing Director Arsen Idrisov said.
Alliance declined by 8.2 percent to 64.50 kronor by 10:54 a.m. in Stockholm, the fourth-worst performer on the benchmark Stockholm All Share index of local equities.
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