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19

Russian Oil Firm Made London IPO

A small Russian oil exploration and production firm Urals Energy has raised $114 million

A small Russian oil exploration and production firm Urals Energy has raised $114 million at the initial public offering in London.

Cyprus-registered Urals Energy said that it had sold 26.7 million shares at $4.27 a share as part of its listing on London?s Alternative Investment Market. The shares sold represented about 31 percent of the company.

The company has said it will use proceeds to fund growth and acquisitions and refinance debt.

The company currently produces 5,600 barrels per day and has proven and probable reserves of 89 million barrels.