Russian media reported this month that Royal Dutch Shell had pulled out of the talks because of the "high likelihood" that a key licence would be recalled.
Urals Energy
Urals Energy feeling chipper
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Consolidation likely as small oil explorers seek cash
The group, fearful that negotiations with Sberbank, of Russia, will fail in the present turmoil, is locked in talks with a large oil company, thought to be Royal Dutch Shell, about a joint venture that could lead to its share of some of its best assets being heavily diluted. Shell and Urals Energy have declined to comment.
