Plexus Holdings Suspends Activities with Russian License Partner Gusar

Source: www.gulfoilandgas.com 3/7/2022, Location: Asia

Plexus Holdings PLC said Monday that it has suspended activities with its Russian license partner, LLC Gusar, because of the war in Ukraine, and that this isn't expected to materially hurt its financial performance in fiscal 2022.

The London-listed oil-and-gas engineering company said that, although it expects a negative cash-flow impact of around 650,000 pounds ($860,275) for the year ending June 30, since the company has been performing well it anticipates that its year-end cash position will be broadly in line with market expectations.

The company said the cash-flow impact is related to a combination of pending royalties and planned advance stage payments for rental exploration equipment, which are currently uncertain because of the geopolitical situation.

Under the current agreement, Gusar supplies the Russian market and that of the Commonwealth of Independent States, with Plexus' rental exploration wellhead equipment.

The board said it anticipates that the company's financial performance for fiscal 2022 will remain in line with market expectations.

"The company will continue to monitor the situation in Ukraine and the impact on Russian commercial activities and will provide further updates as required," Plexus said.


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