Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Ruspetro in Record Drop on Slower Output Growth: London Mover

Jan. 7 (Bloomberg) -- Ruspetro Plc, a Russian oil explorer, plunged the most on record in London trading after reporting output growth has been slower than expected.

Ruspetro slumped 19 percent to 68 pence, the steepest drop since the shares were first sold in January last year, valuing the Moscow-based company at 226.7 million pounds ($364.8 million).

Current production is about 6,540 barrels of oil a day, Ruspetro said in a statement late on Jan. 4.

“Despite prolific wells, a sharply higher-than-expected gas-oil ratio and the associated challenges of temperature management have led to technical challenges in stabilising” output, the company said.

The stock is down from a record high of 230 pence in April. About 2.7 million shares were traded, more than eight times the daily average of the past three months.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.