Transmeridian Exploration Inc. violated Russian Environmental Agency license agreement
A Russian environmental agency plans to withdraw a license from U.S. energy company Transmeridian Exploration Inc. (AMEX: TMY) originally allowing development of a Russian hydrocarbon field, Reuters reported this morning.
After investigating Transmeridian’s progress in Russia’s Gasha field, the Russian agency reportedly says the licensing agreement had been seriously violated.
Shares of Transmeridian plunged 14.95%, or $0.29 to $1.65 in pre-market trading.
