Ukrnafta Meets Its Production Plan In 2005.

Ukrnafta (UNAF: HOLD) extracted 3.07 mln mt of oil and condensate as of Dec 26, 2005 and produced 159.7 ths mt of LPG as of Dec 14, 2005. However, the company fell short of its gas extraction projections this year. Concorde Capital: Gas extraction was largely unprofitable for the company, as most of its gas was sold to Naftogaz Ukrainy, Ukrnafta?s major shareholder, at prices below production costs. Ukrnafta?s CEO, Igor Palytsia said the company will sell most of its natural gas at auctions in 2006, which should boost the company’s gas revenues.