SIBIR ENERGY Pipeline für Millionenbarrels - 500 Beiträge pro Seite

[hainholz]

WKN A0DNWU

Drei
Riesenölfelder werden angeschlossen

Salym Project: new phase of field infrastructure construction


On 22 November 2005 Salym Petroleum Development N.V. (SPD) and “Stroytransgaz” Company signed an amendment to the existing contract for infield pipeline construction at the Salym Group of oilfields. The amendment provides for construction over the winter period of 2005/2006 of a pipeline interconnecting all three Salym fields – West Salym, Vadelyp and Upper Salym, in-field crude gathering lines and water injection lines, with a total length of around 47 km. The contract price of the new phase construction, which will start in December this year, is in excess of US$ 12 mln.

“The “Stroytransgaz” Company has been engaged in infield pipeline construction for SPD since December 2004 and we are satisfied with the results and will continue our cooperation,” commented SPD CEO Dale Rollins. – “At present, SPD, “Stroytransgaz” and our other contractors have come to a challenging milestone of the Salym Project: completing and commissioning the key infrastructure facilities in the West Salym field – infield flow lines, CPF (Central Processing Facility), and oil export pipeline. As planned now these facilities and well pads are being hooked-up as a single system, and West Salym, the largest in the Salym Group of fields is coming on stream, paving the way for a sharp increase in crude production. In 2006, Upper Salym and Vadelyp fields will be tied-in to West Salym CPF through interconnecting pipeline. This will allow the most efficient use of field infrastructure facilities and optimization of Salym fields development.”

[hainholz]

Mid: 356p

geht ab wie Schmitz

[hainholz]

immer weiter gehts

Share Price
Mid: 363p
Change: +9 (+ 2.54%)
High: 365
Low: 355
Volume: 417463
Trades: 92

Share Price at: Wed Dec 7 2005
16:21:57 (delayed 15 mins)

[hainholz]

Schmitz Katz ist ne lahme Schildkröte gegebüber Sibir


Share Price
Mid: 370p
Change: +5.5 (+ 1.51%)
High: 388
Low: 364
Volume: 1183350
Trades: 264

Share Price at: Thu Dec 8 2005
16:12:04 (delayed 15 mins)

[hainholz]

seit fünf Tagen nur Richtung Norden

[hainholz]

Salym Petroleum Development produced 100,000th tonne of oil from West Salym Field


Salym Petroleum Development NV (SPD) has achieved an important landmark in the development of West Salym, which is the largest of the three Salym fields developed by SPD. On December 20, 2005 the 100,000th tonne of oil was produced from this field whereby SPD has achieved a production level stipulated in the West Salym licence as one of the major SPD commitments for 2005.

The first tonnes of oil were produced from West Salym field just one year ago – in mid-December 2004. At the end of November 2005 the key field infrastructure facilities – the Central Processing Facility, in-field supply lines, and an oil export pipeline were commissioned for operation. This paved the way for ramping up production and allowed SPD to meet its oil production commitments in the West Salym Licence Area.

“For SPD, bringing on stream West Salym and production of more than 100,000 tonne of oil from this field represent the most significant events of 2005,” commented SPD CEO Dale Rollins. - “We finish this memorable year in good spirit because we have kept our promise to the SPD Shareholders and delivered on our commitments to the Russian Authorities with excellent performance in health, safety, environment protection and social performance including our responsibility to the community. The accomplishments of SPD and its contractors in the realization of Salym Project in 2005 make a solid base and an encouragement for successful tackling of 2006 challenges. The main challenge will be ensuring the total oil production from all three Salym fields next year in excess of 2 million tonnes (around 15 million bbl).”

[hainholz]

das Jahr fängt wieder gut an

Moscow Oil Refinery
On 29 December, 2005 the Federal Arbitrage Court of the Moscow District sitting
as the second court of appeal declared as lawful the resolutions of an MOR
Annual Shareholder Meeting held on 3 June, 2005. These MOR resolutions had
approved the payment of a dividend on MOR`s preference shares for 2004. This
ruling by the Federal Arbitrage Court of the Moscow District overturns a
judgment issued on 8 November, 2005 by the Moscow City 9th Arbitration Court of
Appeals.

The ruling on the dividend payment is an important issue because if a dividend
is not paid on the preference shares they may be converted to common voting
shares which in turn would lead to a change of control at MOR. This conversion
to common voting shares was the transparent objective of certain minority
shareholders in MOR namely Richard Enterprises and Phoenix Assets Management
both puppet companies representing the former owners of Sibneft prior to the
acquisition of Sibneft by Gazprom.

The 2004 dividend on the preference shares now ruled on as lawful was paid in Q3
2005. The court`s decision means that MOGC remains the controlling shareholder
of MOR. MOGC`s and therefore Sibir`s supply and capacity-sharing agreements at
the plant therefore remain firmly in place.

Commenting on these developments, Henry Cameron, Chief Executive of Sibir said
" This decision should put a stop to three years of disputes and attempts to
wrest control of MOR from MOGC and the City of Moscow. With this matter resolved
Sibir looks forward to working with the City of Moscow through MOGC and all
other shareholders, notably Gazprom (as the new parent of Sibneft), to make
upgrades to the refinery and thus ensure reliable supply of clean, quality fuels
to the nation`s capital and surrounding region with its 17 million inhabitants.
Removing the obstacles to sensible investment in MOR is an excellent result for
all current shareholders and the City of Moscow."

Salym Petroleum Development
Sibir announced the start of commercial production at the Salym fields on 25
November, 2005. Production has built up steadily since then and reached
approximately 19,000 bbls of oil per day from 30 wells on 26 December, 2005.
Upon filling the SPD 88 kilometer pipeline and the on site oil depot storage
facilities oil is expected to start to enter the Transneft national pipeline
system in the first 10 days or so of January 2006. Effective February 2006 Sibir
will make its first deliveries of its 50% share of Salym production to MOR.

As at 31 December, 2005 Sibir had met all of its funding obligations up to that
date in the sum of $407million. The budget for 2006 has been agreed between the
SPD shareholders. Sibir has agreed the terms of banking facilities enabling it
to cover its share of the budget. Upon completion of the proposed placing to
Bennfield, as announced on 9 December, 2005, these banking facilities will no
longer be required. Progress in respect of this deal is set out later in this
release.

Harley Street Capital Limited
On 25 August, 2005 Sibir announced the dismissal by Judge Mr Justice Peter Smith
of claims made by HSCL in their entirety against Sibir, Chalva Tchigirinsky and
others. In his judgment the Judge noted the claims were bogus and an abuse of
the court process. An appeal was nevertheless lodged by HSCL. On 23 December
2005 a consent Order was executed by the Court of Appeal (Civil Division) in
which it was ordered inter alia that HSCL immediately withdraw its appeal and
terminate all proceedings against the Defendants and that HSCL make an immediate
public statement in the following terms:

" The litigation commenced by Harley Street Capital Limited against (1) Chalva
Tchigirinsky, (2) Alexander Tchigirinsky, (3) Bennfield Limited and (4) Sibir
Energy Plc has been concluded by the withdrawal by the Claimant of its appeals
against the Judgment of Mr Justice Peter Smith dismissing Harley Street`s
claims. Harley Street Capital records its acceptance that claims of wrongdoing
against Mr Chalva Tchigirinsky and any other Board members, or shareholders, of
Sibir are without foundation. As shareholders in Sibir, Harley Street Capital
endorses the continuing actions of the Board of Sibir to obtain redress for the
Company against the dilution of the interests of Yugraneft, in the Sibneft Yugra
joint venture."

Proposed Placing to Bennfield and Proposed Additional Placing
Details of this proposed transaction and additional placing were announced on 9
December, 2005. Good progress has been made in the preparation of a circular
(including notice of Extraordinary General Meeting) which sets out details of
the proposed placings, and this is expected to be posted to shareholders
shortly.

[hainholz]

neue Empfehlung

Die letzten Übersichten >>>




Sibir Energy. Vorstellung des Finanzmodells; behält Buy-Empfehlung
20 Januar 2006

Sibir Energy bleibt aufgrund seines Aktivaportfolios ein beeindruckendes Unternehmen. Dadurch, dass Sibir einen 50%-igen Anteil an den Salym-Feldern sowie einen 22,5%-igen Anteil an der Moskauer Raffinerie besitzt, wird es den Investoren ermöglicht, sich an der von Shell geführten Erschließung eines neuen wichtigen Feldes direkt zu beteiligen und von den rekordverdächtig hohen Raffineriekennzahlen Russlands zu profitieren. Aufgrund der Größe, strategischer Lage und des Gewinnpotenzials der Aktiva von Sibir sticht das Unternehmen unter den unabhängigen Gesellschaften Russlands hervor.

[hainholz]

Neues Rating

Sibir Energy SBE LN Buy
7.38 Price

9.05 23% Target

Large-scale, quality assets, new strategic investor to enter at above

[hainholz]

Antwort auf Beitrag Nr.: 18.941.405 von hainholz am 22.11.05 17:23:57

schon wieder neuer Förderrekord

NEWS

20/06/2006

SPD Production Record

Sibir’s 50:50 joint venture with Shell in the Salym group of fields in western Siberia, Salym Petroleum Development NV (SPD), announced today that the total crude oil production rate at the fields now exceeds 50,000 barrels per day (bpd).

The new SPD production record brings Sibir’s 50% share of production at Salym to over 25,000 bpd. Combined with production from Sibir subsidiary, Magma at the Yuzhnoye fields in western Siberia, Sibir’s total daily production now exceeds 32,000 bpd.

Commenting on the SPD announcement Sibir CEO, Henry Cameron, said, “Having reached the critical 50,000 bopd production milestone in the short period since we launched commercial production in December, 2005, SPD’s year-end target of 60,000 bopd is now squarely in our sights. In addition to the excellent progress to date in drilling, completions and hookup in Upper and West Salym, the streaming of the Vadelyp field in Q4 should add significantly to our production in 2006.”

[hainholz]

Sibir Energy. Durch Salym ist das Fördervolumen des Unternehmens auf 32mbpd gestiegen

[hainholz]

es wird eine schöne Dividende geben


Information des Tages >>>


20. September 2006
Sibir Energy. Vorschau der Ergebnisse für 1H06: Ölpreis und Salym-Entwicklung führen zu soliden Cash Flows

[hainholz]

Antwort auf Beitrag Nr.: 18.941.405 von hainholz am 22.11.05 17:23:57

RNS Number:2107J
Sibir Energy PLC
20 September 2006

20 September 2006

SIBIR ENERGY plc ("Sibir" or "the Company")

INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2006

Report of the Chairman and Chief Executive

Our report for the six months to June 30th 2006 ("the Period") is a portrait of
a company in transformation from an enterprise of promise to an enterprise of
profit. In this our tenth year of dedicated business in Russia, the company is
beginning to reap the benefits of the work of the past decade with robust and
rapidly growing production, a first-class asset base in development across the
entire value chain from production to refining, distribution and retail fuels in
one of the world's most dynamic markets. With a strong balance sheet, positive
earnings and more on the way, we have set the stage for a new era of profitable
growth as we work to expand in all phases of our business.

The net profits of the Group for the Period after interest, taxation and
minority interest was #19.6 million or 7.53 pence per share compared with a
profit of #0.5 million or 0.24 pence per share for the equivalent period in
2005.

For the first time all three core businesses of Sibir contributed to operating
profits of #26.9 million, up #16.0 million on the equivalent period in 2005, an
increase of 147%. Oil producing company Magma continued to deliver reliable
results by contributing #9.4 million to operating profit. Sales of oil products
from our refining operations realised through our affiliation with Moscow Oil
and Gas Company ("MOGC") contributed a further #16.3 million. The most
significant contribution came from our production joint venture with Shell,
Salym Petroleum Development ("SPD"), in which losses for the six months ended on
31st December 2005 of #13.7 million were transformed into profits of #8.9
million for the Period. The turnaround in SPD's performance in the Period
reflects the ramp up of commercial production as SPD began to realise its
promised potential.

Our share of SPD's production at the end of the Period was 23,811 barrels of oil
per day ("bopd") which when coupled with period end production from Magma meant
that we ended the period with a daily production of 29,958 bopd.

Despite this all round financial improvement the Group managed to maintain
administration and general expenses for the Period at the same level as in the
equivalent period for 2005 after excluding the effect of foreign exchange
movements and other non-recurring items.

Net interest expense for the Group for the Period increased to #8.0 million from
#5.1 million in the equivalent period in 2005 owing to an increase in borrowings
made by the Group to finance Sibir's share of development expenditures incurred
by SPD and trade finance lines for Sibir's crude and oil products trading
activities. Now that the Group's borrowings are materially reduced following the
strengthening of the Balance Sheet, interests charges will be much reduced in
the future.

In March of this year we completed the Bennfield share subscription of 58.8
million shares and the placing of an additional 20 million shares to qualifying
shareholders all as approved earlier by shareholders. As a result the Group's
balance sheet has been transformed by the net subscription proceeds of #305.8
million, materially strengthening the Group's financial flexibility over the
short and long term. As a consequence the Group's net debt has decreased from
#204.4 million as at 31 December 2005 to #5.5million as at the end of the Period
and Group cash balances have increased from #5.4 million as at 31 December 2005
to #42.6 million as at the end of the Period.

As important as the resulting injection of funds, the Bennfield placement has
strengthened our Russian shareholder profile, a key element of Sibir's long-term
strategy that has served us well in the past and will ensure that we continue to
succeed in the future.

Called up share capital has decreased in the period due to the cancellation of
the 191,847,421 issued Deferred shares of 90p each which was approved by the
High Court of Justice, Chancery Division on 18 January 2006.The effect of this
is to create a reserve of #172,663,000 which will first be used to eliminate the
deficit on the Company's profit and loss account and secondly to create a pool
of realised profit to retain within the Company until the Company is ready and
able to pay dividends to its shareholders.

Salym Fields

One week into 2006, the first shipments of crude were made into the national
Transneft pipeline system and operations at Salym took on an entirely new
direction; SPD's focus, previously on construction, switched to production to
achieve its 2006 year-end target of 60,000 bopd.

To achieve this goal, Salym operations are concentrated on three key areas:
First drilling, completion, and hookup, second installation of water injection
facilities and third the constructions of new drilling pads with their related
infield roads, pipelines and power lines. During the Period; 36 new wells were
drilled, 58 new and previously drilled wells were hooked up, and 51 of these
were put on stream; water injection facilities at Upper and West Salym were
constructed and four new pads were built. A total of eight new pads and
supporting infrastructure is expected to be completed by year end.

The results of these SPD activities have been reflected in impressive production
increases, growing from 10,341 bopd (5,171 bopd Sibir share) on January 1, 2006
to over 51,800 bopd (25,900 bopd Sibir share) by the end of the Period, an
increase of over 380%.

By the end of the Period, Sibir had contributed over $510 million to SPD, being
its one half share, primarily in the form of loans. As we go to print, that
figure has increased to $523 million and we have been informed by SPD that the
operation is now self funding. Loan repayments from SPD to the Sibir Group are
expected to start in 2007 and be paid in full by 2009-2010. Thereafter one half
of all surplus cash generated by SPD will be distributed to the Sibir Group in
the form of dividend.

Magma Fields

During the Period our subsidiary, Magma, continued to make important
contributions to Sibir's results at the Yuzhnoye field in West Siberia. Magma
drilled 8 wells, completed or recompleted 10 wells, and performed 33 well
workovers in the first six months of the year. An aggressive hydrofraccing
program begun in 2004 continues to deliver positive results. Over 23,000 linear
meters were drilled with one rig and lifting cost increases have been limited to
the rate of ruble inflation. The unusually cold weather in the early part of the
year initially hampered the timely completion of these programmes thus slowing
production at Yuzhnoye, but production has recovered and exceeds 7,000 bopd as
we go to print.

During the Period Magma submitted to the local authorities a plan for
development of the Orekhovskoye field which lies contiguous to the Yuzhnoye
field. Magma has received approval for the plan, which may lead to an increase
of as much as 50 million barrels of C1+C2 Russian classification reserves for
Magma.

Moscow Oil and Gas Company

Through our deal with the City of Moscow in the formation of MOGC, Sibir enjoys
access to refining capacity for its domestic production from the Salym and
Yuzhnoye fields as well as terminal storage and retail outlets for the
distribution and sale of its refined products. Sibir uses Magma as the vehicle
to conduct its refining and trading activities with MOGC through the latter's
control of tolling arrangements at the Moscow Refinery. These activities
contributed #16.3 million to Magma's gross profit in the Period proving again
the value of Sibir's integrated strategy.

Access to refining capacity depends on the continued control by MOGC of the
Moscow refinery. The effect of a ruling by the Supreme Arbitrage Court of the
Russian Federation in June 2006 was to affirm MOGC as the controlling
shareholder in the Moscow Refinery. In addition to the stability this brings to
our activities, it clears the way for upgrades at the refinery and further
development of the retail fuels chains.

Most of the crude processed in respect of our quota at the refinery continues to
be purchased on the open market, but production from Salym and Magma is making
up an increasingly important part of these requirements. In the first half of
2006, our upstream operations delivered over 1.4 million barrels of crude
directly to the Moscow Refinery, comprising some 19% of our total requirements.
The remainder of our domestic barrels indirectly find their way to the Moscow
refinery via third party transactions and swaps. Sibir's own production is
expected to comprise an increasing share of the refinery's crude requirements as
production ramps up at Salym and nearly all of our current crude requirements
are expected to be met by our own production by 2009.

MOGC's network of 139 petrol stations continued to enjoy strong retail margins
for the Period in the burgeoning Moscow market. An ongoing modernisation program
for those stations located within the City of Moscow has been ongoing since 2004
delivering improved volumes, gains in market share and improved financial
performance. Land acquisition and permitting of new greenfield sites is
proceeding in parallel to ensure that the network will grow as the City grows
and maintain its leading market position well into the future.

Encouraged by these strong results, Sibir is developing a restructuring and
recapitalisation plan for MOGC with its partner the City of Moscow which we
expect will result in Sibir gaining a larger stake in MOGC in the near future.

Sibneft Yugra

In our 2005 year-end report, we advised you that talks with Gazprom regarding a
solution to the Sibneft Yugra affair had begun. These discussions have not been
easy, but they support our view that prospects of reaching a resolution have
been enhanced by the acquisition of Sibneft by Gazprom. Sibir remains unswayed
and unbending in its determination to see right prevail and we expect
developments before the end of the year.

Outstanding Transaction

Our acquisition of the 25% plus one share of the BP branded retail network in
Moscow and the Moscow region is now in its final stages. All documentation is
complete, executed and ready for approval by the Russian anti-monopoly
authorities. We are confident of an early positive outcome. The BP network, one
of the most profitable in the world on a per-station basis, consists of 47
petrol stations including modern fueling facilities, convenience stores,
in-store bistro and automatic car wash. The performance of the network continues
to outpace expectations, highlighting the tremendous potential of the MOGC
network redevelopment currently underway and will have a material impact in our
results for the full year.

Looking Forward

With the ramp-up of commercial production at Salym well underway, solid
performance from the downstream refining and trading businesses and the
financial flexibility of a strong balance sheet, we have finally put all the
critical components of our existing asset base to work. The stage is now fully
set for Sibir to begin to bring in new assets that will fuel the next era of
growth for the company. In the first half of 2006 a dedicated acquisitions team
began a review of potential acquisition targets on two fronts: First, we are
collaborating with Shell to evaluate new license opportunities in West Siberia
where we can use existing SPD staff, technology and infrastructure to develop
new acreage; Second, we are reviewing a range of new opportunities in Russia and
the former Soviet Union that include new license auctions, purchase of existing
licenses and corporate acquisitions. Sibir plans to follow its proven strategy
of partnering with world class operators to bring these projects on stream.

The expansion of the upstream business will require additional refining capacity
to keep our portfolio in balance and to that end Sibir intends to acquire a
larger stake in MOGC and push forward the modernisation of the Moscow Refinery.
The continued development of the Moscow retail fuels network will ensure that we
have a profitable outlet for our domestic oil products and the growing Moscow
market.

Over the past decade Russia has re-established its position as one of the
premier energy suppliers to world markets and we view this as a positive
development for Sibir. As the new Russia grows in stature and confidence, it is
increasingly charting its own course, choosing a path of development that suits
Russia's needs and sensibilities - seeking to balance the dynamism of the market
economy with a desire for greater influence over the direction of economic
growth. Some in the West are concerned by these developments.

Sibir believes that the emergence of a stronger, more independent Russia is a
natural result of a society returning to health and taking its place on the
world stage and that efforts by the government to ensure economic stability are
essential after an extended period of turbulent and painful change. Throughout
its ten years in Russia, Sibir has succeeded by taking into account Russian
sensibilities and trusting in the energy and ingenuity of its Russian
shareholders and employees to find solutions that work in the Russian
environment while leveraging the best of western business practice, technology
and access to capital markets. This approach has served the company well in the
past and will allow us to adapt to the changes that the evolving Russian economy
brings now and in the future.

After ten years of growing the Sibir enterprise in Russia, we continue to be
inspired by the energy and creativity of the Russian people and the enormous
wealth that is being unlocked through the relentless application of their
efforts. It is against this backdrop that your board looks to the future with
great optimism and confidence that the best is yet to come.

Operations Review

The early part of 2006 was one of the coldest periods on record in Russia with
temperatures dropping below -50 degrees Celsius. The cold significantly impacted
economic activity across the country including energy production and
distribution; power outages and shortages of natural gas supplies required the
evacuation of many villages and city neighborhoods to protect people from
freezing.

In the E&P sector construction activities, drilling and workover operations were
ceased or significantly delayed over a period of several weeks in all producing
regions. Magma and Salym operations were not spared, but despite these
challenging conditions our colleagues were able to deliver impressive
operational results.

Magma Oil Company

Magma Oil Company (95% Sibir owned) holds the licenses for the Yuzhnoe and
Orekhovskoe oilfields in Khantiy-Mansiysk District of West Siberia.

Yuzhnoe Oilfield

In the first half of 2006 Magma continued to focus its activities on increasing
production capacity at the Yuzhnoe Oilfield, located 60 kilometers from the City
of Nizhnevartovsk. The successful drilling and hydro-fraccing campaign launched
in 2004 continued with the goal of beating the record high oil production
performance of 2005.

Production

Production at Yuzhnoye for the first half of 2006 totalled 1,175,145 barrels for
an average production rate of 6,528 bopd.

Capital Spending

Capital spending for the period totalled $9,067,300 with another $6,804,382
budgeted for the remainder of the year.

Operational Highlights

Magma operational highlights for the first half of 2006 include:

*Completion and commissioning of a $5 million Central Processing Facility

(CPF) and water injection system.
*2,063,240 barrels of water injected for reservoir pressure maintenance

through 15 water injection wells;
*23,140 linear meters drilled with one rig for a total of 8 wells - cost

of drilling and completion averaged $705,000 per well;
*10 wells completed/recompleted, 33 well workovers and 51 well service

jobs performed over first six months of 2006;
*no lost time or injuries;
*no environmental incidents

Orekhovskoe Oilfield

The Orekhovskoye field is a greenfield property which lies contiguous to the
Yuzhnoye oilfield. Sibir acquired the license for Orekhovskoye as part of the
purchase of Magma, but development was delayed because the economics of the
project were thought to be unattractive. Taking into consideration the long term
outlook for crude prices, Magma re-engineered its development scenario based on
four well pads and highly deviated wells. The resulting proposal was submitted
to the authorities who approved it in August of this year. The approved
development scenario delivers positive economics at oil prices above $30 a
barrel and may increase Magma's C1+C2 Russian classification reserves by as much
as 50 million barrels.

Salym Petroleum Development N.V. (SPD)

SPD is Sibir's 50/50 joint venture between its 100% owned subsidiary Evikhon
(Evikhon) and Shell Salym Development B.V. (SSD), a member of the Royal Dutch
Shell Group. SPD operates the Salym Group of fields (West Salym, Vadelyp and
Upper Salym) in the Khanty-Mansiysk District in West Siberia.

Salym Fields

January 7, 2006 marked a turning point for the Salym project as first oil was
delivered to the Transneft national pipeline system from Central Processing
Facilities (CPF) at West Salym, via the SPD 88 km Export Pipe line and SPD
Custody Transfer Facilities (CTF) at the Transneft tie-in point. Extreme cold in
the first quarter affected all development activities resulting in a slower than
forecast ramp up of production, but this was compensated by intensive activity
in the second quarter to bring production rates back in line with projections
and the year end target of 60,000 bopd now looks to be well within reach.

Production

Total Salym production grew from 10,341 bopd at the beginning of the year and
exceeded 50,000 bopd by June for a total production of 5.57 million barrels.
Crude sales for the period totalled 5.42 million barrels. Of the total, exports
comprised 2.28 million barrels, and domestic sales 3.14 million barrels.

Capital Expenditure

Period capital expenditure for construction projects totalled $106.59 million
and drilling outlays totalled $48.14 million for a total capital spend of
$154.74 million. An additional $174.23 million is budgeted for the second half
of 2006.

Operational Highlights

Construction highlights at Salym included:

*Completion of a second 60,000 bopd capacity train of the CPF at West

Salym;
*Construction of water injection a pump station on West Salym and water

intake facilities;
*Ground breaking on the second phase of the custody transfer facilities

(CTF);
*Building of a waste utilisation site on West Salym;
*Construction of a 13 km trunk pipe line from Upper Salym to CPF at West

Salym with a tie-in to Vadelyp;
*Development of five new well pads at West Salym, two on Vadelyp, and one

on Upper Salym, with related infield roads, oil and water pipe lines and

power lines;
*Installation of temporary water injection facilities at Upper Salym;

Drilling

SPD's aggressive drilling program continued using four rigs and five hoists were
at work on completions and workovers. The SPD drilling team continued to set
records for drilling time, completing one well in as little as 8.1 days. In
total for the period 36 wells were drilled, 33 were hooked up and 51 new and
previously drilled wells were put on stream. A two hundred ton mobile rig will
be put into service at Salym in December of this year for appraisal and
development drilling on smaller pads in Upper Salym and Vadelyp. SPD has spudded
the first well at Vadelyp and initial production scheduled for October, which is
budgeted to contribute in total 90,000 barrels 2006 production.

Power Generation

A contract for supply of gas turbines for 45 MW Power Generation Plant (PGP) was
executed in April and the plant is expected to be operational by the end of
2007. When completed the PGP will utilise most of associated gas from production
and significantly reduce SPD's dependence on the local electric monopoly for
power.

Appraisal and Development

The appraisal and development of the AS9 reservoir, development of the so-called
"Bonus" structure and the K7 area in Upper Salym was approved. These projects,
if successful, should increase reserves at the field and boost production.

Group Reserves Summary

The Group's interests in commercial reserves of oil as of 30 June 2006 are
included in the unaudited table below:

Russian reserves classification (1)
Million barrels A+B+C1 C2 Total
Magma's Yuzhnoe Oilfield 80 6 86
Salym Group of Fields (50%) (2) 394 156 550
Total 474 162 636

1. Russian reserves are classified as follows:
A = reserves proved and developed.
B = reserves proved but not yet developed.
C1= reserves tested and lie within proven and probable.
C2= reserves contiguous to C1 and substantiated by Geological data and lie
within probable, possible and contingent.

2. As noted previously, the operator of the Salym fields, SPD, uses a reserves
classification known as proven, expected and scope for recovery reserves. The
current scope for recovery reserve estimate based on the field development plan
total 926 million barrels or 463 million barrels Sibir share. The difference
between the SPD estimates and the Russian reserves numbers are due primarily to
the exclusion of the lower reservoirs in the SPD numbers.

Financial Review

The half year ending June 30th 2006 was a period of record profits for the Group
as, for the first time, all three core businesses contributed to the
profitability of the company. First, as in previous periods, crude production
from Magma continued to deliver reliable results. Second, sales of oil products
from our refining activities realised through our affiliation with MOGC
bolstered profitability in line with expectations. Third, our joint venture with
Shell at the Salym Group of Fields, SPD, turned the losses of previous years
into profits for the Period as commercial production started to ramp up and the
project began to realise its long-promised potential.

Net Profit

The net profit of the Group after interest, taxation and minority interest was
#19.6 million or 7.53 pence per share compared with a net profit of #0.5 million
or 0.24 pence per share for the equivalent period in 2005.

Operating Profit for the Period

The Group's operating profit from ordinary activities before interest, taxation
and minority interest, including its share of SPD net profits, was #26.9
million, compared to a profit of #10.9 million in 2005, an increase of 147%.

This result was due in large part to Sibir's share of profit in SPD where
positive performance transformed a #7.3 million loss in the first half of 2005
to a #8.9 million profit, a turnaround of #16.2 million for the period under
review. The full impact of the turnaround is even more pronounced when the 2006
result is compared to the second half of 2005 when Sibir's share of profit from
SPD showed a loss of #13.7 million, indicating an improvement in SPD's
performance of #22.6 million in the first six months of 2006.

The Group's operating profit before its share of operating profit from the SPD
joint venture was #18.0 million compared to a profit of #18.2 million in the
equivalent period in 2005 with the decrease due to higher administration
expenses offset by an increase in gross profit.

Gross Profit

The Group's gross profit after depletion was #25.7 million compared with
#24.9 million for the equivalent period in 2005 as increased production expenses
were offset by growth in gross margins. Production expenses increased as a
result of a 51% increase in the mineral extraction tax levied as crude prices
increased and a 12% increase in lifting costs from an average of $2.66/bbl in
first half 2005 to $2.98/barrel 2006, in line with Russian rouble inflation.

Of the total #25.7 million gross profit for the period, #9.4 million
came from sales of Magma crude production, and #16.3 million came from
trading of oil products from our refining operations.

Turnover

The Group turnover excluding our share of turnover from SPD was #265.8 million
compared to #136.9 million in 2005, an increase of 94%. Our turnover is
calculated from the sales of crude and finished product. To facilitate an
understanding of how our own crude production, on the one hand, and trading and
refining sales of product, on the other hand, have contributed to the turnover
we have split out these contributions on an actual or at arms length basis. On
this basis the turnover attributable to sales of our own production amounted to
#27.3 million and turnover attributable to trading and refining activities
amounted to #238.5 million.

Combined turnover from Group and SPD operations grew by 132% to #322.9 million
from #139.0 million of which #95.9 million is in respect of the
contribution from our own crude production from Magma and SPD, reflecting the
fact that by the end of the period Sibir had become a 30,000 barrels a day
company.

Administration Expenses

The Group's administration and general expenses were #7.6 million compared with
#6.8 million for the equivalent period in 2005. After excluding the effect of
foreign exchange movements and other non-recurring items, the Group's
administration expenses decreased by 14% from #7.1million in the equivalent
period in 2005 to #6.1 million in 2006 primarily as a result of reduced legal
activity in the Sibneft Yugra affair.

Interest Expense

Net interest expense for the Group increased to #8.0 million from #5.1 million
in the equivalent period in 2005 owing to an increase in borrowings made by the
Group to finance Sibir's share of development expenditures incurred by SPD and
trade finance lines for Sibir's crude and oil products trading activities. The
bulk of the interest expense was incurred in respect of the first quarter of
2006, before the placing referred to immediately below.

Taxation

Under UK GAAP accounting standards the Group previously had not been able to
accrue the potential tax benefits which arose during the development phase of
the Salym project when SPD was incurring losses. Now that SPD is generating
profits, the utilization of these tax benefits is imminent and UK GAAP permits
us to credit the Profit and Loss account with a deferred tax asset of #8.0
million which is included as a credit to the taxation charge in the Group's
Profit and Loss account. A corresponding deferred tax asset has been recognised
in the Group's balance sheet.

Balance Sheet

The Group's balance sheet has been transformed by a placing of 78,813,008 shares
raising a total of #305.8 million (net of placement costs) in the first quarter
of 2006, strengthening the Group's financial flexibility over the short and long
term.

As at 30 June 2006, the Company had net current assets of #360.2 million
compared with net current assets of #61 million as at 31 December 2005.

Total assets less current liabilities as at 30 June 2006 was #579.4 million
compared with #272.4 million as at 31 December 2005.

Called up share capital has decreased in the period due to the cancellation of
the 191,847,421 issued Deferred shares of 90p each which was approved by the
High Court of Justice, Chancery Division on 18 January 2006. The effect of this
is to create a reserve of #172,663,000 which will first be used to eliminate the
deficit on the Company's profit and loss account and secondly to create a pool
of realised profit to retain within the Company until the Company is ready and
able to pay dividends to its shareholders.

Total shareholder's equity as at 30 June 2006 was #567.5 million compared to
#259.7 million as at 31 December 2005.

The Group's net debt has decreased from #204.4 million as at 31 December 2005 to
#5.5 million as at 30 June 2006 and Group cash balances have increased from #5.4
million as at 31 December 2005 to #42.6 million as at 30 June 2006.

Cash Flow

The Group recorded a net cash outflow from operating activities of #38.6
million, mostly as a result of repaying creditor balances that had built up
during 2005, but also as a result of increasing its trade debtors during the
period.

During the period, the Group financed #4.3 million of capital expenditure in its
daughter company Magma, and made loans totalling #59.1 million to SPD.

Proceeds from the placing referred to above along with cash on hand were used to
repay #322.2 million of borrowings. These borrowings were incurred in satisfying
the financing obligations of the Group in respect of the SPD expenditures, as
well as short-term facilities required to finance the Group's crude and oil
products trading activities.

Financial Instruments

The Group's financial instruments comprise borrowings, cash and liquid
resources, and various items, such as trade debtors, and trade creditors which
arise directly from its operations. The main purpose of these financial
instruments is to finance the Group's operations. It is, and has been throughout
the period under review, the Group's policy that there is no trading in
financial instruments. The main risks arising from the Group's financial
instruments are foreign currency risk, oil price risk, interest rate and
liquidity risk. The Board reviews and agrees policies for managing each of these
risks and they are summarised as follows under the following two headings:

Foreign Currency Policy

Approximately 64% of Sibir's revenue in the first six months of 2006 was
received in United States dollars, the balance being received in Russian
roubles. Significant protection from movements in exchange rates results from
the majority of loans which are repayable in United States dollars. As the
substantial majority of development, production and taxation expenditures are in
roubles, and some interest servicing and loan repayments are in roubles, the
risk from variations in the value of the rouble is insignificant. Sibir
continues to transfer funds to and from Russia without incident or impediment,
with the exception of foreign currency reservation requirements in respect of
loans from the Group's Russian subsidiaries to the Group's non-Russian companies
(e.g. Head office) imposed by the Central Bank of the Russian Federation since
August 2005, but now cancelled in May 2006.

Interest Rate and Liquidity Policy

The Group finances its operations though its own cash on hand, project finance,
and trade finance.

Going Concern

After making enquiries and considering the adequacy of the disclosures the
directors have a reasonable expectation that the group has adequate resources to
continue its operations for the foreseeable future. For this reason, they
continue to adopt the going concern basis in preparing the financial statements.

W L S Guinness H O Cameron
Chairman Chief Executive Officer

20 September 2006

UNAUDITED GROUP PROFIT AND LOSS ACCOUNT

Notes Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
#000 #000 #000
Turnover: group and share of joint
Venture's turnover 322,892 139,030 365,270

Less: share of joint venture (57,102) (2,150) (8,028)
---------- ---------- ----------

Group Turnover 2 265,790 136,880 357,242

Cost of sales

Depletion of oil and gas properties (557) (407) (1,245)
Decommissioning charge - - (3)
Cost of sales (239,566) (111,532) (308,127)
---------- ---------- ----------
Gross profit 25,667 24,941 47,867

General and administrative expenses (7,633) (6,749) (17,937)
---------- ---------- ----------

Group operating profit 2 18,034 18,192 29,930
Share of operating profit / (loss)
in joint venture 2 8,893 (7,309) (21,050)
---------- ---------- ----------

Operating profit: Group and share of
joint venture 26,927 10,883 8,880
---------- ---------- ----------
Profit on ordinary activities before
interest and tax 26,927 10,883 8,880
Interest receivable 13,547 4,029 10,805
Interest payable
Group (8,178) (4,663) (18,270)
Joint Venture (13,413) (4,457) (12,280)
---------- ---------- ----------

Profit / (Loss) on ordinary 2 18,883 5,792 (10,865)
activities
before taxation
Tax on profit / (loss) on ordinary
activities 3 1,517 (5,796) (9,635)
---------- ---------- ----------
Profit / (Loss) on ordinary
activities 20,400 (4) (20,500)
after taxation
Minority interests - equity (797) 490 (1,370)
---------- ---------- ----------

Profit / (loss) for the period 19,603 486 (21,870)
---------- ---------- ----------

Basic profit/(loss) and Diluted
profit/(loss) per share (pence) 4 7.53 0.24 (10.57)

UNAUDITED GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
#000 #000 #000
Profit / (Loss) for the period attributable
to members of the parent company 19,603 486 (21,870)
Exchange differences on the re-translation
of the net investments and related
borrowings (17,516) 2,065 (5,931)
Cancellation of Deferred Shares (i) 115,647 - -
---------- ---------- ----------
Total recognised gains and losses relating
to the period and recognised since last
annual report 117,734 2,551 (27,801)
========== ========== ==========

(i) On 18 January 2006 the High Court of Justice, Chancery Division approved the
cancellation of the 191,847,421 issued Deferred shares of 90p. The effect of
this is to create a transfer to profit and loss reserves of #115,647,000 and a
special reserve of #57,016,000. The special reserve of #57,016,000 will also be
available for transfer in due course.

UNAUDITED RECONCILIATION OF GROUP SHAREHOLDERS' FUNDS

Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
#000 #000 #000
Total recognised gains and losses 2,087 2,551 (27,801)
New share capital subscribed 7,881 - 1,292
Share premium on shares issued less issue
costs 297,901 - 41,109
Asset revaluation reserve - 108,848 83,793
Issue of shares to be issued - - (2,000)
--------- ---------- ----------

Total movements during the period 307,869 111,399 96,393
Shareholders' funds at beginning of period 259,660 163,267 163,267
--------- ---------- ----------

Shareholders' funds at end of period 567,529 274,666 259,660
========= ========== ==========

UNAUDITED GROUP BALANCE SHEET

As at 30 As at 30 As at 31
June 2006 June 2005 December 2005
#000 #000 #000
Fixed Assets
Tangible 31,587 28,349 29,748
Other investments 11,117 6 11,117
Investment in Joint Venture
Share of gross assets 490,590 417,725 437,356
Share of gross liabilities (308,894) (187,136) (261,606)
--------- --------- -----------
181,696 230,589 175,750
--------- --------- -----------
Goodwill 4,940 - 5,053
Negative Goodwill (10,094) (8,374) (10,324)
--------- --------- -----------
(5,154) (8,374) (5,271)
--------- --------- -----------
219,246 250,570 211,344
Current Assets
Stocks 12,791 7,163 18,671
Debtors:

Amounts falling due within one year 96,273 47,586 79,397

Amounts falling due after more than
one year 275,440 137,377 222,539
--------- --------- -----------
371,713 184,963 301,936

Cash at bank and in hand 42,564 23,317 5,398
--------- --------- -----------
427,068 215,443 326,005

Creditors: amounts falling due within
one year (66,873) (117,419) (264,973)
--------- --------- -----------
Net Current Assets 360,195 98,024 61,032
--------- --------- -----------
Total Assets less Current Liabilities 579,441 348,594 272,376

Creditors: amounts falling due after
more than one year (6,739) (53,170) (8,052)
Provisions for Liabilities and Charges (1,022) (1,163) (1,039)
--------- --------- -----------
571,680 294,261 263,285
Minority interest - equity (4,151) (19,595) (3,625)
--------- --------- -----------
567,529 274,666 259,660
--------- --------- -----------

Capital and Reserves

Called up share capital 29,489 192,979 194,271
Share premium account 408,278 69,268 110,377
Shares to be issued - 2,000 -
Asset revaluation reserve 83,793 108,848 83,793
Capital redemption reserve 14,396 14,396 14,396
Profit and loss account (25,443) (112,825) (143,177)
Other special reserves 57,016 - -
--------- --------- -----------
Equity Shareholders' funds 567,529 274,666 259,660
--------- --------- -----------

Approved by the Board on 20 September 2006

H O Cameron A Betsky
Director Director

UNAUDITED GROUP STATEMENT OF CASH FLOWS

Six months Six months Year
ended ended ended
30 June 30 June 31 December
Notes 2006 2005 2005
#000 #000 #000
Net cash inflow / (outflow) from
operating activities 5 (38,206) 26,823 36,584
--------- --------- ----------
Returns on investment and servicing
of finance
Interest paid (10,930) (1,283) (14,850)
Interest received 807 29 60
--------- --------- ----------
Net cash outflow from returns on
investments and servicing of finance (10,123) (1,254) (14,790)

Taxation (5,676) (1,193) (7,553)

Acquisitions and disposals
Purchase of shares in subsidiary - (12,302) (12,552)

Capital expenditure and financial
investment
Sale of plant and machinery 20 - 2,158
Purchase of tangible fixed assets (4,335) (2,471) (4,431)
Loans to joint venture (59,114) (52,102) (131,197)
Purchase of promissory notes - - 95,150
Redemption of promissory notes - - (95,150)
Loans to other entities 4,378 - (28,745)
--------- --------- ----------
Net cash outflow from capital
expenditure (59,051) (54,573) (162,215)
and financial investment

Financing
Receipt of loans 166,686 167,663 344,777
Proceeds of share issue 305,766 - -
Repayment of share options - - 10
Repayment of unsecured loan - (106,209) -
Repayment of secured loan (322,230) - (183,225)
--------- --------- ----------
Net cash inflow from financing 150,222 61,454 161,562

Increase in cash 37,166 18,955 1,036
--------- --------- ----------

Reconciliation of net cash flow to movement
in net debt
Increase in cash in the period 37,166 18,955 1,036

Cash outflow for repayment of borrowings 322,230 106,209 183,225
Cash inflow from receipt of loans (166,686) (167,663) (344,777)
---------- ---------- ----------
Change in net debt resulting from cash 192,710 (42,499) (160,516)
flows

Exchange differences 6,192 (6,251) (1,551)
Other non-cash movements - - 5,148
---------- ---------- ----------
Movement in net debt in the period 198,902 (48,750) (156,919)

Net debt at the start of the period (204,396) (47,477) (47,477)
---------- ---------- ----------
Net debt at the end of the period (5,494) (96,227) (204,396)
---------- ---------- ----------

NOTES TO THE INTERIM FINANCIAL STATEMENTS

1) Accounting policies and basis of preparation

The interim financial statements have been prepared on the basis of accounting
policies consistent with those set out in the Sibir Group's statutory accounts
for the year ended 31 December 2005. The interim financial statements for the
six months to 30 June 2006 are unaudited.

Russian business environment

During the period ended 30 June 2006 most of the Company's business was
conducted in Russia through its investment in subsidiaries operating in the oil
and gas industry. These operations and those of similar companies in Russia are
subject to the economic, political and regulatory uncertainties prevailing in
Russia.

Whilst there have been improvements in the Russian economic situation, such as
an increase in gross domestic product and a reduced rate of inflation, Russia
continues economic reforms and development of its legal, tax and regulatory
frameworks as required by a market economy. The future stability of the Russian
economy is largely dependent upon these reforms and developments and the
effectiveness of economic, financial and monetary measures undertaken by the
government.

2) Turnover and Segmental Analysis

Segmental information

During the period the Group operated in two business segments, being those of
oil and gas exploration, development and production and the refining and
marketing of oil products, and in one geographical segment, being
Khanty-Mansiysk Okrug in Western Siberia, in the Russian Federation.

Turnover

Oil Production Refining of oil products Total Total Total
Six Six Six Six Six Six
months months Year months months Year months months Year
ended ended ended ended ended ended ended ended ended
30 June 30 June 31 Dec 30 June 30 June 31 Dec 30 June 30 June 31 Dec
2006 2005 2005 2006 2005 2005 2006 2005 2005
#000 #000 #000 #000 #000 #000 #000 #000 #000
Continuing
operations
Export 16,037 10,411 24,742 154,506 51,998 153,905 170,543 62,409 178,647
Domestic 14,579 2,667 8,966 80,658 71,804 169,629 95,237 74,471 178,595
-------- ------- ------- -------- -------- --------- -------- -------- ---------
30,616 13,078 33,708 235,164 123,802 323,534 265,780 136,880 357,242
Profit
Segment 6,470 1,676 10,135 17,487 21,528 34,454 23,957 23,204 44,589
profit:
Continuing
operations

Common (5,923) (5,012) (14,659)
Costs ------- ------- --------

Group
Operating
profit 18,034 18,192 29,930

Share of
operating
profit /
(loss) in
joint 8,893 (7,309) (21,050)
venture

Net
Interest (8,044) (5,091) (19,745)
payable ------- ------- --------

Profit/
(loss)
on
ordinary
activities 18,883 5,792 (10,865)
before ------- ------- --------
taxation

Oil Production Refining of oil products Total Total Total
Six Six Six Six Six Six
months months Year months months Year months months Year
ended ended ended ended ended ended ended ended ended
30 June 30 June 31 Dec 30 June 30 June 31 Dec 30 June 30 June 31 Dec
2006 2005 2005 2006 2005 2005 2006 2005 2005
#000 #000 #000 #000 #000 #000 #000 #000 #000
Net Assets
by segment:
Continuing
Operations 38,688 27,697 30,463 68,409 5,063 11,461 107,097 32,760 41,924

Unallocated
Net Assets 282,887 30,912 45,611
------- ------- --------
389,984 63,672 87,535
Share of
Net
Assets of 181,696 230,589 175,750
Joint
Venture

Minority
Interest (4,151) (19,595) (3,625)
------- ------- --------
Total Net
Assets 567,529 274,666 259,660

3) Taxation

The taxation charge for the period arises from the Group's overseas operations
has been estimated from the expected taxable profits of the Sibir Group after
taking account of losses brought forward and other available reliefs.

The tax charge is made up as follows:-

Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
#000 #000 #000
Current tax:
Foreign tax 4,509 5,796 9,635
Share of joint venture's current tax 1,953 -

Deferred tax:
Share of joint venture's deferred tax (7,979) - -
---------- ---------- -----------
Tax on profit on ordinary activities (1,517) 5,796 9,635
---------- ---------- -----------

4) Profit per share

Profit per share for the six months ended 30 June 2006 is based on the profit
for the period of #19.6 million (2005 - profit of #0.5 million). The weighted
average number of ordinary shares in issue during the period was 260,495,873 and
for 2005 the adjusted total was 203,160,802 respectively.

5) Reconciliation of operating profit to net cash flow from operating activities.

Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
#000 #000 #000
Operating profit 18,034 18,192 29,930
Depreciation and decommissioning 621 507 1,284
Amortisation of goodwill 113 - 30
Release of negative goodwill (230) - (62)
Decrease/ (increase) in stocks 5,880 87 (11,421)
(Increase) / decrease in debtors (27,800) 3,869 (14,307)
(Decrease) / Increase in creditors (34,824) 4,168 31,130
---------- ---------- ----------
Net cash flow (outflow)/ inflow from
operating activities (38,206) 26,823 36,584
---------- ---------- ----------

6) Contingent Liabilities

As at 30 June 2006, the Company had outstanding guarantees in respect of the
performance of obligations of third parties as follows:

(i) Moscow Oil Company (MOC)

MOC had 427 million roubles ($15.8 million) outstanding to the Bank of Moscow
guaranteed by the Company. As at the date of this report, the outstanding loan
has been repaid by MOC.

(ii ) Goshel Consultants Limited (Goshel)

On 1 October 2006, the Company had signed a guarantee in respect of the
performance obligation on a 1.9 billion rouble (US$ 70.4 million) loan Goshel
received from three companies (Stroitranssvyaz, Stal-converter and Yugo-Zapadnoe
Rudoupravlenije) repayable beginning in March 2006 and ending in August 2008. As
at the date of this report, the outstanding amounts owed have not changed
materially.

(iii) Exportrading

The Company signed a guarantee in respect of the performance obligation on a
loan of 1,500,000,000 roubles (US$55.7 million) provided by Bank of Moscow to
Exportrading in May of 2006. As at 30 June 2006, 500,000,000 roubles ($18.6
million) of the loan remained outstanding. As at the date this report, the loan
has been fully repaid.

Post balance sheet guarantees

The Company signed guarantees in respect of the performance obligations on three
loans provided by Bank of Moscow to Exportrading on 3 July 2006, 1 August 2006
and 6 September 2006 in the amounts of 2,200,000,000 roubles (US$81.6 million),
2,369,164,000 roubles (US$ $88.4 million), and 2,230,000,000 roubles (US$83.5
million) respectively.

As at the date of this report, the first amount is outstanding in the amount of
687,500,000 roubles (US$25.7 million), the second amount is still outstanding in
the amount of 789,164,000 roubles (US$29.5 million), and the third amount is
outstanding in the amount of 1,567,158,000 roubles (US$58.5 million).

Borrowing facilities

Sberbank: As at 30 June 2006, Magma did not comply with the maximum trade
creditor limit of 450 million roubles in total for creditors for oil purchased
in respect of borrowings with the bank and as a result the loans totaling
#40,549,308 have been reclassified from long term loans to short term loans. On
2 July 2006 Magma sufficiently repaid the creditors to satisfy the bank. As at
the date of this report, Magma continues to work with Sberbank to the
satisfaction of both parties.

7) Publication of Non-Statutory Accounts

The financial information contained in this interim statement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The financial information for the full preceding year is based on the
statutory accounts for the financial year ended 31 December 2005. Those
accounts, upon which the auditors issued an unqualified opinion, have been
delivered to the Registrar of Companies.

This interim statement will be sent to the shareholders in due course and will
be made available at the Company's registered office at 17c Curzon Street,
London, W1J 5HU.

INDEPENDENT REVIEW REPORT TO SIBIR ENERGY PLC

Introduction

We have been instructed by the company to review the financial information for
the six months ended 30 June 2006 which comprises the Group Profit and Loss
account, Group Statement of Total Recognised Gains and Losses, Group Balance
Sheet, Reconciliation of Group Shareholders' Funds, Group Statement of Cash
Flows, and the related notes 1 to 7. We have read the other information
contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.

This report is made solely to the company having regard to guidance contained in
Bulletin 1999/4 'Review of interim financial information' issued by the Auditing
Practices Board. To the fullest extent permitted by the law, we do not accept or
assume responsibility to anyone other than the company, for our work, for this
report, or for the conclusions we have formed.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report as required by the AIM Rules
issued by the London Stock Exchange.

Review work performed

We conducted our review having regard to the guidance contained in Bulletin 1999
/4 'Review of interim financial information' issued by the Auditing Practices
Board for use in the United Kingdom. A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data, and based thereon,
assessing whether the accounting policies and presentation have been
consistently applied, unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit performed in
accordance with International Standards on Auditing (UK and Ireland) and
therefore provides a lower level of assurance than an audit. Accordingly we do
not express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2006.

Ernst & Young LLP
London

20 September 2006

Review by Qualified Person
The technical information and opinions relation to the Company's reserves
presented in this announcement have been reviewed by Pavle Uroda, the Chief
Upstream Operations Officer for Sibir. Mr Uroda is a Professional Petroleum
Engineer (Croatia) and is a member of the Society of Petroleum Engineers.

This information is provided by RNS
The company news service from the London Stock Exchange

END
IR URVKRNORKURR

[hainholz]

Drilling

SPD\'s aggressive drilling program continued using four rigs and five hoists were
at work on completions and workovers. The SPD drilling team continued to set
records for drilling time, completing one well in as little as 8.1 days. In
total for the period 36 wells were drilled, 33 were hooked up and 51 new and
previously drilled wells were put on stream. A two hundred ton mobile rig will
be put into service at Salym in December of this year for appraisal and
development drilling on smaller pads in Upper Salym and Vadelyp. SPD has spudded
the first well at Vadelyp and initial production scheduled for October, which is
budgeted to contribute in total 90,000 barrels 2006 production.

[hainholz]

jetzt 37500 bpd

NEWS
29/11/2006

SPD Production record


Sibir’s 50:50 joint venture with Shell in the Salym group of fields in western Siberia, Salym Petroleum Development NV (SPD), announced today that the total crude oil production rate at the fields has passed 60,000 barrels per day (bpd).


The new SPD production record brings Sibir’s 50% share of production at Salym to over 30,000 bpd. Combined with production from Sibir subsidiary, Magma at the Yuzhnoye fields in western Siberia, Sibir’s total daily production now exceeds 37,500 bpd.


Commenting on the announcement, Sibir CEO, Henry Cameron said, “Having already announced record production just one week ago, we are pleased to see SPD hit the 60,000 bbl milestone one month ahead of schedule. With 162 wells drilled and only 101 of those on stream it can be seen that production is gathering momentum.”

[hainholz]

Antwort auf Beitrag Nr.: 18.941.405 von hainholz am 22.11.05 17:23:57

gleich drei NEWS heut

1.wieder neue Rekordförderung
2.Tankstellenkette erworben
3.neues Ölfeld angezapft

ich sag euch,das pfunzt:

[hainholz]

The new leader in oil production is Salym Petroleum (2.06 million tons in 2006), a 50/50 joint venture of Sibir Energy (controlled by Shalva Chigirinsky) and Shell (UK / Netherlands).

genial!!!!

[hainholz]

Antwort auf Beitrag Nr.: 18.941.405 von hainholz am 22.11.05 17:23:57

•Sibir Energy – Fördervolumen erreicht Rekordhöhen !!!!!!