London-Listed Energy Company Buys Two Private Russian Firms

London-listed Urals Energy acquired the entire issued share capital of two private Russian companies, RK-Oil Limited and BVN Oil Limited, from businessman Ilya Glebov, Urals announced today.

"These companies were formed in 2014 in order to participate in public auctions for oil exploration and production licenses in Russia’s Komi region. Following these auctions both RK and BVN hold licenses in the Komi region," reads a statement released on Thursday.  

The total consideration for the acquisitions is US$5.275 million, of which US$2.7 million is to be settled in cash and US$2.525 million is to be satisfied by the assumption of debt and other liabilities.  

“These acquisitions fit into our strategy of acquiring licenses for exploration selectively at times of low oil prices and undertaking initial exploration, but waiting until conditions improve before further developing such assets,” Urals Chairman Andrew Shrager commented.