OREANDA-NEWS. March 14, 2011. During 2M11, Ukrnafta (UX: UNAF UK) decreased oil production by 8.6% y-o-y to 339.2 ths  mt, gas condensate production by 36.3% y-o-y to 31.3 ths mt and gas production by 14.2% y-o-y to 358.8 mln m3, Interfax reported on Friday, citing the Energy Ministry of Ukraine. In 2010, Ukrnafta's gas output declined 17% y-o-y to 2.4 bln m3, gas condensate output slumped 10.6% y-o-y to 269.8 ths mt, and oil output shrank 2.2% y-o-y to 2.2 mln mt.

Concorde Capital: though the drop in production was in line with declines in previous months, we expect the news to have a slight negative impact on the stock in the short run.

Concorde Capital is a full service investment bank operating on the Ukrainian, Russian and CIS markets. In 2007 Concorde Capital’s analytical team was recognized as the Top Team covering Ukraine by Thomson Extel's Pan European Survey. Senior Analyst Alexander Paraschiy was recognized as the Leading Pan-European Investment Analyst – European Emerging Markets. Concorde Capital is a leader when it comes to private placements and M&A deals. Concorde Capital’s sale of a stake in Electron Bank to Volksbank International AG was named the Best Ukrainian M&A deal of the year 2007 by the Adam Smith Institute.