Ruspetro in Record Drop on Slower Output Growth: London Mover

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.

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