Oil and gas

Concern Galnaftogaz [GLNG UZ, Speculative BUY] has reported selected consolidated IFRS financial results for FY07 and 1Q08.

Sumy Frunze (SMASH, N/R), one of largest European producers of equipment for the oil and gas and the chemical industries doubled its orders, which accounted for USD 720 mln by July 15, relative to the same period last year.

Ukrnafta [UNAF UZ, Strong BUY] will save UAH 31.1 mln (USD 6.16 mln at USD/UAH 5.05) in rent payments due to a recent change in the extraction rent rate mechanism.

Ukrnafta [UNAF UZ, BUY] will likely announce another AGM within the next week.

Ukrnafta [UNAF UZ, BUY] failed to convene an AGM on June 24.

On June 24, 253.2 thsd mt of crude oil were sold at Resources Auction 118, which took place on the floor of the Ukrainian Interbank Currency Exchange.

Ukrnafta [UNAF UZ, BUY] will attempt to convene an AGM today. The meeting’s extensive agenda includes the election of all governing bodies of the company, change of registrar, and profits distribution for 2006 and 2007.

Ukrnafta [UNAF UZ, BUY] plans to sell 240.1 thsd mt of oil and 6.8 thsd mt of gas condensate at the Ukrainian Energy resources Auction 118 on June 24. In comparison with the previous auction, the initial UAH price for Ukrnafta’s oil is the same, at UAH 2,600 per mt (USD 63.7 per bbl net of VAT using USD/UAH 4.64, up 3.2% from USD 61.7 per bbl).

Concern Galnaftogaz [GLNG UZ, Speculative BUY] increased the number of units in its highly profitable OKKO-branded network to 235, up 14 units from the last reported figure of 221. According to Ukrainian News, who cited the company’s press secretary, the total (branded and non-branded) number of units increased by 3 to 270.

Concern Galnaftogaz [GLNG UZ, Speculative BUY] released selected 1Q08 consolidated financial results under Ukrainian Accounting Standards.