While we expect the figures for the second half to be somewhat lower, due to the weakened ruble, settlement problems, following the banking crisis, and lower output, we believe the two companies will prove relatively resilient in the face of the current financial crisis. Several oil companies have initiated cost cutting programs closing down wells and cutting drilling activities, reducing staff levels and spinning off social assets to restore profitability. The information contained herewith is based on information made available to the public and is for information purposes only. Information sources are deemed reliable by RMG Securities, however RMG Securities abstains from any liabilities determined from the information herewith.
Analysis is based on dated market information and is subject to change.