Ukrnafta AGM Forecasts 4x Drop In 2007 Net Income

At the company’s AGM this morning Ukrnafta (UNAF: SELL) announced plans for 2007 which envision a more than 4x decrease in net income due mainly to higher royalties and the obligation to sell gas below the market. Additionally the company’s shareholders voted to postpone their decision on a dividend payout until their next meeting. We will be releasing more details from UNAF’s AGM later this afternoon.