London-listed oil company Sibir Energy PLC (SBE.LN) escaped almost undamaged from a recent row with the Russian environmental regulating agency Rosprirodnadzor, being fined just 70,000 rubles or US$2,800, the company said.
London-listed oil company Sibir Energy PLC (SBE.LN) escaped almost undamaged from a recent row with the Russian environmental regulating agency Rosprirodnadzor, being fined just 70,000 rubles or US$2,800, the company said.
Rosprirodnadzor said Monday it was seeking to annul Sibir unit OAO Magma's license to the Yuzhnoye oil field in the Khanty-Mansiysk Autonomous District in Western Siberia, due to various license violations.
After the meeting with Magma's management, the audit commission of the regulator issued Thursday Magma administrative fines and granted the company up to 10 months to take remedial action, the company said, adding that it will complete the remedial action within this period.
"Sibir is pleased that Rosprirodnadzor moved swiftly in reaching its conclusions regarding the audit of Magma's operations at the Yuzhnoye Oil field in western Siberia and Magma will likewise move quickly to complete remedial actions within the required period," Sibir Chief Executive Henry Cameron said.
Sibir shares were up 18.75 pence, or 3.8%, at 517 pence in London at 1220 GMT.
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