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AFX UK Focus) 2005-09-30 18:12 GMT:
Sibir Energy H1 profits boosted by higher sales, increased production

Article layout: raw
LONDON (AFX) - Oil company Sibir Energy PLC said higher sales and increased production lead to an operating profit of 18.2 mln stg in the six months to June compared with a loss of 3.5 mln the previous year.

The group`s output increased to 1.41 mln barrels from 961,492 barrels, comprising a 33 pct rise in production from Magma to 1.18 mln and Evikhon`s share of SPD`s production of 224,337 barrels.

Sales jumped to 137 mln stg from 45.7 mln. Sales of crude oil and oil products were 739,701 and 6.6 mln barrels respectively, up from 539,663 and 2.6 mln barrels last time.

Gross profits were 216 pct higher at 25.3 mln stg and gross profits on crude oil sales rose to 9 mln stg from 5.3 mln, boosted by increased production at Magma and higher margins due to the rise in oil prices.

Commenting on its dispute with Sibneft Yugra, Sibir said its confidence in a satisfactory outcome is higher than ever after the news that Gazprom is aiming to take a majority stake in Sibneft in a 13 bln usd deal.

The dispute related to the dilution of Yugraneft`s stake in Sibneft Yugra.

Yugraneft, which is controlled by Sibir Energy, helped set up the OOO NK Sibneft Yugra oil field venture with Sibneft. Since then Yugraneft`s interest in Sibneft Yugra has been diluted from 50 pct to less than 1 pct with Sibneft, controlled by businessman Roman Abramovich, and associated companies owning more than 99 pct.

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Company Sibir Energy PLC
TIDM SBE
Headline Interim Results
Released 17:28 30-Sep-05
Number 0481S


RNS Number:0481S
Sibir Energy PLC
30 September 2005


30 September 2005

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

INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2005

Report of the Chairman and Chief Executive

In June of this year we reported to you that we had never been in better shape.
Although only 3 months have elapsed we are delighted to report to you that we
are in even better shape than ever with further improvement around the corner.

Sibir has achieved its ambition and grand vision and the market is beginning to
recognise this as evidenced by the strengthening of the share price. Your Board
are firmly of the opinion that the fundamentals of the Company and the sector
are such that this strengthening will continue.

Sibir is an integrated oil company. We are in business from reservoir to the
fuel pump in one of the world`s fastest growing markets. We have achieved this
in 10 years against fierce and in one instance unscrupulous competition but more
of that later. We achieved this because our strategy to align ourselves to a
strong, clever and enlightened Russian partner was right. Through this strategy
we have formed a truly international shareholder profile and Board which
provides the Company with the knowledge of how to work in Russia in a manner
consistent with international standards of corporate governance.

Think of Sibir and you think of three groups of assets.

Salym Fields

We own 50% of one of Russia`s best onshore oil field developments. The field is
operated de facto by Shell as our 50% partner. Full scale commercial production
is scheduled to start in late November of this year when the infrastructure
necessary to treat and transport the oil to the market will be in place. Shell`s
remarkable achievements as de facto operator are best understood when you
consider that this project is situated in the middle of West Siberia, 2500
kilometers from Moscow just south of the Artic Circle, in what was almost
impenetrable forest and marsh. Millions of tonnes of sand needed to be
transported to the operational bases, hundreds of piles needed to be driven and
over 100 kilometers of roads and many bridges had to be built. A massive central
processing facility had to be built together with an 88 kilometer pipeline. All
of this was achieved in less than 18 months which is truly remarkable. The
highest standards of care and attention were paid to the welfare of the
workforce which at the height of construction numbered over 3500 people. To date
49 wells have been drilled and each well in average is now taking 15 days or
less to drill which is another remarkable achievement.

The operator estimates the scope of recovery at Salym at 812 million barrels of
which 406 is attributable to Sibir. The official Russian reserve number is 1.1
billion barrels which your Board is confident indicates that the operators
numbers are conservative. By 2009 production according to latest operators
estimates is expected to be at a rate of 165,000 barrels per day. Your Board is
confident this figure is also conservative.

As of this date Sibir has invested over US$ 317.3 million in the Salym fields.

Moscow Oil and Gas Company (MOGC)

Through our deal with the City of Moscow in forming MOGC we get refining
capacity, terminal capacity and gasoline stations. It is becoming clearer and
clearer to analysts that our involvement in MOGC will contribute materially to
the further strengthening of our business. MOGC gives Sibir the flexibility it
needs to choose in which market it will dispose of its crude oil or refined
product at any given point of time. The City of Moscow as the controlling
shareholder gets the benefit of a secure source of supply from a partner with
whom it has aligned interests namely Sibir. As long term investors in Russia we
look forward to a greater alignment of interests of the shareholders at Moscow
Refinery currently controlled by MOGC; and the announcement this week that
Gazprom is to acquire Sibneft`s stake at the Refinery is a most encouraging
development in this respect. This development will we believe provide the basis
for further investment in the Refinery leading to substantial improvement in its
financial performance.

Sibneft Yugra

As very widely reported the most of our 50% stake in Sibneft Yugra was stolen.
In the months preceding the discovery of the theft we fully expected that there
would be battles with the ultimate operator Sibneft about overcharging and price
transferring policies but we never suspected Sibneft would act as they did. Upon
discovery we resisted the temptation of peremptory action preferring to secure
our other primary assets until we felt strong enough to confront Sibneft who we
recognised were a formidable adversary. We are now engaged in a series of legal
battles in Russia and in the BVI and we are confident about favourable outcomes.
Successes in the courts to date have thwarted elements of the Sibneft conspiracy
in an adverse and irreversible manner for Sibneft which adds to our confidence
in our eventual success.

The announcement this week of a deal between Gazprom and Sibneft leaves our
legal actions in the BVI against Roman Abramovich, Sibneft and six Sibneft
associated companies unaffected by the change in ownership in Sibneft. We will
continue to pursue these claims and numerous claims in Russia all of which are
related to the Sibneft Yugra fraud. We remain utterly determined to achieve the
restitution of our full share in Sibneft Yugra.

Gazprom`s proposed acquisition of Sibneft is a material development in the
Sibneft-Yugra fraud case. Gazprom is a responsible corporation controlled by the
Russian Federation and it will in the course of its due diligence recognize that
the defence submitted by Sibneft is unsustainable and that the activities of
Sibneft must be remedied by the return of Sibir`s interests in the Sibneft Yugra
Joint Venture. We welcome the prospect of working together with Gazprom in the
development of Sibneft Yugra.

Financial Performance

Our financial performance continues to improve largely due to the benefit from
our involvement in MOGC, the continued increase in production at our Magma
subsidiary and higher oil prices. Turnover was up over three times at £136.9
million, Gross profit was up over two times to £24.9 million. The operating
profit was £18.2 million compared to a loss of £3.5 million for the
corresponding period in 2004. This substantial improvement in operating profit
has offset the share of losses incurred during the run up to the commencement of
full scale commercial production at Salym of £11.8 million. With the
commencement of full scale production less than two months away it is clear that
2006 will see a dramatic improvement on the already improved financial
performance of the Company.

Derivative Minority Action

In our report to you in June of this year we forecast that this action would be
rendered to the status of a side show. We are pleased to confirm that the action
was dismissed as bogus in the words of the judge. The claimant has failed to
settle an interim order for costs and we are proceeding with an application to
wind up the claimant. The claimant has applied for a right to appeal which we
are confident will be declined. As we reported to you in June an independent
legal investigation was conducted into the allegations of wrongdoing which
formed the basis of the claim and the report which followed found that the
allegations were without foundation. This episode was an expensive and time
consuming distraction. At least we have had independent external confirmation of
what we already knew namely that the integrity of our main shareholder and key
management is not in issue.

Outstanding Transactions

Of the transactions approved in December 2004 we still have to complete the
acquisition of 25% plus one share of the BP branded retail network in Moscow and
Moscow region. Pressure of work has prevented us from completing this
transaction but we expect to so before the end of the year.

Conclusion

The only imponderable in the immediate future is the settlement of the Sibneft
Yugra dispute. This week has seen a positive development in that respect so our
confidence in a satisfactory outcome is higher than ever. Your Board is
satisfied that the current market value of the Company takes no account of
Sibneft Yugra and therefore the recovery of our stake will all be upside for
shareholders.

Your Board has always been committed to the payment of dividends when
circumstances allowed. The ever improving financial performance is expected to
enable the Company to begin paying dividends not later than the first six months
of 2007 in respect of the year ended 2006.

Having achieved the aim we set ourselves 10 years ago your Company is now busy
formulating the plan for the next 10 years and we expect to expand on the
details of this plan in our next report to you.

Operations Review

Salym Group

The Salym Group of fields is located in the Khanty-Mansiysk Autonomous Okrug in
Western Siberia and is operated by Salym Petroleum Development (SPD), a 50/50
Joint Venture between Sibir`s subsidiary OAO Evikhon and Shell Salym Development
B.V. (SSD), a member of the Royal Dutch Shell group. The Salym fields consist of
West Salym, Upper Salym and Vadelyp.

The first half of 2005 has been a period of massive infrastructure build out and
intensive drilling in order to reach commercial production in late Q4. In
addition to roads, utilities, base camps, drilling pads and infield flow lines,
three very large project components began construction: the Central Processing
Facility (CPF), the Custody Transfer Facility (CTF) and the the 88 km Export
Pipeline. The CPF, located in the West Salym field, will collect oil from all
three fields to separate out gas and water to meet Transneft specifications in
preparation for transport. From there SPD`s own 88 km export pipeline will
deliver crude to the CTF (actually, a fiscal metering system) where it is tied
in to Transneft Trunk Line for transport to Russian refineries or export abroad.
Completion and commissioning of these major infrastructure projects are on track
to conclude in Q4.

While infrastructure development proceeded apace, drilling and completion of the
wells experienced significant improvements in efficiency; since the first well
was spudded in April 2004, drilling time per well was reduced from an initial
forty-one days to an average of less than fifteen days with significant step
outs (up to 1800 meters). In all, SPD is scheduled to drill 67 wells and have 33
or more completed, hooked up and producing by year-end.

West Salym

In addition to infrastructure development intensive, drilling activity has taken
place in West Salym which contains most of the Group`s reserves. In the first
half of 2005, two more Deutag drilling rigs were mobilized and spudded their
first wells, while the SSK1 rig finished drilling at Pad K20. At the end of
period three rigs were drilling on Pads K1, K9 and K16 while one heavy duty
hoist was completing the wells on Pad 20.

In total twenty wells were drilled on Pad K20 with sixteen wells completed and
three producing. Production in the first half was primarily for testing and
compliance with License obligations. Some of this oil was sold locally to
domestic processors as " wet" unprocessed crude. In April, SPD also began
trucking crude oil to Zapadny Maly Balyk for processing and transport via the
Transneft pipeline system. Cumulative production from West Salym for the period
was 229 thousand barrels.

Upper Salym

Upper Salym`s drilling program in the first half focused on Pad K1A to fully
develop western structure in the field. By the end of the period 14 wells were
drilled of which 8 were completed and hooked-up with four more scheduled to be
drilled. Production was maintained from five wells previously drilled by Evikhon
and cumulative production for first six months of 2005 was 219 thousand barrels.

Some 400 km of 2D seismic profiles were acquired in 2004 to better define
development and exploration potential of Upper Salym. Findings from these
seismic data will allow SPD specialists to better understand the structures in
Upper Salym where significant additional reserves may be found beyond the " Bonus
Structure" where exploratory drilling found 16 meters of pay. This analysis will
form the basis for an updated development scenario for 2006 and beyond.

Vadelyp

In early 2005 SPD acquired an additional 200 km of 2D seismic profiles the
analysis of which will be used to modify a range of designs and development
programs (e.g. subsurface, drilling and completion design, field development,
land take request etc.) necessary to begin work at Vadelyp in 2006.

Oil Company OAO Magma

Magma Oil Company is 95% owned by Sibir and operates Yuzhnoe oilfield in Western
Siberia.During the first six months of 2005 Magma produced 1,184,582 barrels of
oil. For the period 739,701 barrels of crude oil were sold and the remainder
processed at the Moscow Refinery as part of Magma`s oil products trading
operation

Yuzhnoe Oilfield

Production for the first half of 2005 represents a 32% increase over the
production for the first half of 2004 achieved primarily by increasing the
number of producing wells. Under its development program Magma drilled an
additional 9 wells in the first half of 2005, worked over 52 wells, finished 5
recompletions for hydraulic fracturing treatments and changed 38 electrical
submersible pumps (ESPs).

In the same period, Magma increased its proven reserves base by 31 million
barrels. Following a three-year program of exploration drilling and seismic
appraisal (3 appraisal wells and 489 km of 2D seismic profiles) a new geological
model for Yuzhnoe oilfield was developed. On the basis of an evaluation of
reserves and recovery factors, the governmental regulatory agency TsKR (Central
Committee for Development) approved a new reserves figure of 80.6 million
barrels in C1 (73.8 million barrels) plus C2 ( 6.8 million barrels).

An $8 million investment program for reconstruction of facilities has been
continued and is expected to be completed before the year end. New facilities
will allow for steady increase of production and continued development of the
field.

Sibir`s Oil Assets

Magma fields

On 23 May 2005, the Company announced that the results of a feasibility study on
oil recovery from the Yuzhnoye oilfield had resulted in an increase of almost 30
million barrels in reserves as measured by the Russian C1 + C2 classification.
The feasibility study was carried out by Magma in accordance with its
obligations under the conditions of the Yuzhnoye licence, together with
VNIINeft, a leading Russian petroleum institute. The work involved appraisal of
3 new wells, 489 km of 2D seismic, and geologic and hydronomic modelling of the
reservoir. The study was presented to the Russian Ministry of Natural Resources
which approved an increase in the estimated remaining C1+C2 recoverable reserves
in the Yuzhnoye oilfield to 10.691 million tonnes (80.5 million barrels)
compared to the previous Russian official number of 6.728 million tonnes (50.7
million barrels). Of this total, the C1 category (Russian " proved" ) increased to
9.784 million tonnes (73.7 million barrels).

Salym fields
In the early part of 2004 SPD provided the Company with estimates of the
petroleum resources within the Salym group of fields. SPD adopted the Shell
classification of reserves and the reserve numbers were supported by the field
development plan.

In accordance with the estimates produced by the operator SPD, the total proved,
expectation and scope for recovery reserves totalled 812 million bbls of which
406 million bbls are attributable to Sibir.

The equivalent reserve number approved in accordance with the Russian
classification is 1,100 million bbls of which 550 million bbls are attributable
to Sibir.

The difference between these numbers lies principally in the exclusion from the
Shell numbers of the lower reservoirs.

FINANCIAL REVIEW

Production

The Group`s production for the first six months of 2005 was 1,408,919 bbls
(2004: 961,492 bbls), comprising Magma`s production of 1,184,582 bbls (2004:
898,748 bbls) and Evikhon`s share of SPD`s production of 224,337 bbls (2004:
62,744 bbls).

Turnover and Cost of Sales

Turnover for the first six months of 2005 amounted to £136.9 million compared to
£45.7 million for the corresponding period in 2004. Sales of crude oil and oil
products in the first six months of 2005 were 739,701 bbls and 6,620,383 bbls
respectively. (2004: crude oil 539,663 bbls and oil products 2,657,746 bbls).

The Group`s gross profit excluding charges for decommissioning and depletion in
the first six months of 2005 was £25.3 million compared to £8.0 million for the
same period in 2004, an increase of 216%.

Gross profit on crude oil sales for the period increased to £9.0 million from
£5.3 million in 2004. This 70% increase came as a result of a 33% production
increase in Magma, as well as higher margins achieved due to growth in oil
prices. In the first six months of 2004, the company`s share of crude oil
exports was 60%, compared to 58% for the equivalent period in 2004.

Sibir has maintained as planned its own trading operation which, utilising
Sibir`s access to the Moscow Oil Refinery (" MOR" ) has been instrumental in
adding significant incremental value to the company. Gross profit of oil
products sales increased to £23.6 million in the first six months of 2005 from
£6.5 million in the equivalent period in 2004. This substantial increase of 263%
in gross profit is attributable to three factors. First, the trading operations
commenced on 1 March 2004, and therefore the prior period recorded only four out
of six months of activity, compared to all six months in 2005. Second, though
the trading operation was commenced on 1 March 2004, the benefits of the
operation from a sales recognition point of view only began in the beginning to
middle of April 2004 (due to the approximate time lag in converting crude oil to
selling finished product). Third, margins for oil products have also improved
from the last period.

The company`s share of oil product exports in the first six months of 2005 was
47%, compared to 25% for the same period last year.

Administration Expenses

The Group`s administrative and general expenses for the first six months of 2005
were £6.8 million compared to £3.7 million for the same period in 2004. After
excluding from these figures the effect of foreign exchange movements and other
non-recurring items, the Group`s administrative expenses for the first six
months of 2005 have increased by £3.8 million which has occurred as a result of
significant corporate advisory services and legal fees incurred during the
period.

Operating Profit

The company recorded an operating profit of £18.2 million for the period
compared to an operating loss of £3.5 million for the previous period. This
significant turnaround is due to the higher gross profit referred to above.

Operating Profit after interest

The Group`s share of losses after interest from SPD for the period was £11.8
million compared to £3.8millionn in the previous period. This 210% increase
reflects the increasing activity of this joint venture as it approaches
commercial production

Interest Income

The Group`s net interest income in the first six months of 2005 was £4.0 million
(2004: £0.9 million) accrued on Sibir`s loans provided to SPD to finance cash
calls. Interest expense for the first six months of 2005 was £4.7 million
compared to £0.7 million in the previous period. The increase from the prior
period has arisen as a result of loans to the Group to finance both SPD cash
calls and trading activity.

After-Tax Profit for the Period

Sibir has recorded in the first six months of 2005, an after-tax profit of £0.5
million compared to a loss of £0.6 million for the same period in 2004. The
significance of this improvement is better understood when it is appreciated
that start up losses and increases in administrative expenses amounting to £15.6
million in total have been accounted for in the calculation of the after tax
profit.

Acquisition of additional 10% Interest in Evikhon

During the period the Company completed the acquisition of 10% of the issued
share capital of Evikhon from Dana Petroleum. As a result of this the Company is
required to revalue its entire investment in Evikhon and its joint venture SPD
to its fair value. The effect of this on the Group balance sheet was to increase
the Groups net assets by approximately £100.5 million by the creation of an
asset revaluation reserve of £108.8 million and negative goodwill of £8.3
million. The negative goodwill is the excess of the fair value over the price
paid for the additional interest and will be released to profit over the life of
the Salym project.

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

Sibir`s revenue is largely received in United States dollars. Significant
protection from movements in exchange rates results from the loans which are
repayable in United States Dollars. Sibir faces various currency risks relating
to its Russian operations. The balance of these revenues is received in roubles
following sales to the Russian domestic markets. As most development, production
and taxation expenditures are in roubles the risk from variations in the value
of the rouble is minimal. Sibir continues to transfer funds to and from Russia
without incident or impediment, with the exception of foreign currency
reservation requirements imposed by the Central Bank of the Russian Federation
since August 2004..

Interest Rate and Liquidity Policy

The Group finances its operations though trade finance and short term loans.

Going Concern
After making enquiries and considering the adequacy of the disclosures made in
Note 1 of the Financial Statements, 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

Date: 30 September 2005

UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT

Notes Six months Six months Year
ended ended Ended
30 Jun 2005 30 Jun 2005 31 Dec 2004

£000 £000 £000

Turnover: group and share of
joint venture`s turnover 2 139,030 45,652 168,870
Less : share of joint venture (2,150) - (728)
_________ ________ _________
Group Turnover 136,880 45,652 168,142

Cost of sales
Depletion of oil and gas
properties (407) (769) (1,725)
Decommissioning charge - - -
Cost of sales (111,532) (37,672) (145,053)
_________ _________ __________
Gross profit 24,941 7,211 21,364

General and administrative
expenses (6,749) (3,690) (14,903)
Fee for Services of Bennfield
Limited - - (16,389)
_________ _________ __________
Group operating profit/(loss) 3 18,192 3,521 (9,928)
Share of operating loss in joint
venture (7,309) (3,773) (15,185)
_________ _________ __________
Loss on disposal of fixed assets (252) (25,113)

Operating profit/(loss): Group
and share of joint venture 10,883 (252) (25,113)
Loss on disposal of fixed assets - - (2,807)
_________ _________ __________
Profit/(Loss) on ordinary
activities before interest and
tax 10,883 (252) (27,920)
Interest receivable 4,029 884 3,010
Interest payable
Group (4,663) (692) (2,318)
Joint Venture (4,457) - (3,236)
_________ _________ _________
Profit/(Loss) on ordinary
activities 5,792 (60) (30,464)
before taxation
Tax on profit/(loss ) on ordinary
activities 4 (5,796) (1,023) (3,494)
_________ _________ _________
Loss on ordinary activities after
taxation (4) (1,083) (33,958)
Minority interests - equity 490 475 3,138
_________ _________ _________
Profit/(Loss) for the period 486 (608) (30,820)
_________ _________ _________
Basic profit/(loss) per share
(pence) 5 0.24 (0.04) (17.32)

Diluted profit/(loss) per share
(pence) 5 0.24 (0.04) (17.32)

UNAUDITED CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

Six months Six months Year
ended ended Ended
30 Jun 2005 30 Jun 2004 31 Dec 2004

£000 £000 £000

Profit/(Loss) for the period
attributable to members of the
parent company 486 (608) (30,820)

Exchange differences on the
re-translation of the net
investments and related borrowings 2,065 (34) (1,631)
_________ _________ _________
Total recognised gains and losses
relating to the period and
recognised since last annual report 2,551 (642) (32,451)
_________ _________ _________

UNAUDITED CONSOLIDATED STATEMENT OF SHAREHOLDERS` FUNDS

Six months Six months Year
ended ended ended
30 Jun 2005 30 Jun 2004 31 Dec 2004

£000 £000 £000

Total recognised gains and losses 2,551 (642) (32,451)
New share capital subscribed - 29 18,325
Share premium on shares issued less
issue costs - 19 30,012
Shares to be issued - - 2,000
Revaluation reserve 108,848
_________ _________ _________
Total movements during the year 111,399 (594) 17,886
Shareholders` funds at beginning of
period 163,267 145,381 145,381
_________ _________ _________
Shareholders` funds at end of period 274,666 144,787 163,267
_________ _________ _________

UNAUDITED CONSOLIDATED BALANCE SHEET

As at As at As at
30 Jun 2005 30 Jun 2004 31 Dec 2004

£000 £000 £000
Fixed Assets
Tangible 28,349 43,755 23,852
Other investments 6 6 6
Negative Goodwill (8,374) - -
Investment in Joint Venture
Share of gross assets 417,725 154,504 213,713
Share of gross liabilities (187,136) (29,023) (101,594)
_________ _________ _________
230,589 125,481 112,119

250,570 169,242 135,977
Current Assets
Stocks 7,163 6,753 7,250
Debtors:
Amounts falling due within one year 47,586 25,444 36,345
Amounts falling due after more than
one year 137,377 11,272 73,346
_________ _________ _________
184,963 36,716 109,691
Cash at bank and in hand 23,317 1,002 4,362
_________ _________ _________
215,443 44,471 121,303

Creditors: amounts falling due
within one year (117,419) (47,476) (52,340)
_________ _________ _________
Net Current Assets/(Liabilities) 98,024 (3,005) 68,963
_________ _________ _________
Total Assets less Current
Liabilities 348,594 166,207 204,940
Creditors: amounts falling due after
more than one year (53,170) - (23,365)
_________ _________ _________
295,424 166,237 181,575

Provisions for Liabilities and
Charges (1,163) (1,812) (1,133)
_________ _________ _________
294,261 164,425 180,442
Minority interest - equity (19,595) (19,638) (17,175)
_________ _________ _________
274,666 144,787 163,267

Capital and Reserves
Called up share capital 192,979 174,683 192,979
Share premium account 69,268 39,275 69,268
Shares to be issued 2,000 - 2,000
Asset revaluation reserve 108,848
Capital redemption reserve 14,396 14,396 14,396
Profit and loss account (112,825) (83,567) (115,376)
_________ _________ _________
Equity Shareholders` funds 274,666 144,787 163,267
_________ _________ _________

Approved by the Board on 30 September 2005

H O Cameron A Betsky
Director Director

UNAUDITED CONSOLIDATED CASH FLOW STATEMENT

Notes Six months Six months Year
ended ended ended
30 Jun 2005 30 Jun 2004 31 Dec 2004

£000 £000 £000

Net cash inflow/(outflow) from
operating activities 7 26,823 (6,166) (9,012)
Returns on investment and _________ _________ _________
servicing of finance
Interest paid (1,283) (467) (2.377)
Interest received 29 9 40
_________ _________ _________
Net cash outflow from returns
on
investments and servicing of (1,254) (458) (2,337)
finance
Taxation (1,193) - (3,596)

Capital expenditure and
financial investment
Purchase of tangible fixed (2,471) (3,272) (5,377)
assets
Payments to acquire (12,302) - -
investments
Loans to joint venture (52,102) (11,028) (47,156)
_________ _________ _________
Net cash outflow from capital
expenditure and financial
investment (66,875) (14,300) (52,533)

Financing
Receipt of loans 167,663 51,730 107,654
Proceeds of share issue - - 20,005
Expenses of share issue - - -
Proceeds of share options - - -
Repayment of convertible loan
notes - (677) (677)
Repayment of unsecured loan (106,209) (38,588) -
Repayment of secured loan - - (64,603)
_________ _________ _________
Net cash inflow from financing 61,454 12,465 62,379

Increase/(decrease)/ in cash 18,955 (8,459) (5,099)
_________ _________ _________
Reconciliation of net cash
flow to movement in net debt
(Decrease)/Increase in cash in
the period 18,955 (8,459) 5,099
Cash outflow from repayment of
convertible loan notes - 677 677
Cash outflow from repayment of
loans* 106,209 38,588 64,603
_________ _________ _________
Cash inflow from receipt of
loans* (167,663) (51,730) (107,654)
Change in net debt resulting
from (42,499) (20,924) (47,473)
cash flows

Exchange differences (6,251) 96 2,366
Other non-cash movements ** - 48 12,046
_________ _________ _________
Movement in net debt in the
period (48,750) (20,780) (33,061)
Net debt at the start of the
period (47,477) (14,416) (14,416)
_________ _________ _________
Net debt at the end of the (96,227) (35,196) (47,477)
period
_________ _________ _________

* In the first half of 2005 the Group arranged and drew down a total of £167.7
million of trade finance, short term and long term loans to finance the
establishment of its own trading operations utilising Sibir`s access to the
Moscow refinery, to meet its funding obligations to SPD and also for its day to
day ongoing operations. A significant proportion of these loans are short term
in nature with £106.2 million being repaid in the period.

**Other non-cash movements in previous periods comprise the conversion of 11%
(formerly 15%) Convertible Loan Notes into ordinary share capital.

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 2004. The interim financial statements for the
six months to 30 June 2005 are unaudited.

Going concern

At the date of approving these financial statements, the Company has agreed
US$180 million of project finance for the funding of the Company`s subsidiary
Evikhon`s share of the development costs of its joint venture with Shell Salym
Development N.V. (" SPD" ). Final approval of this facility is subject to consent
by Shell, which can not be unreasonably withheld, to the granting of Evikhon`s
shares in SPD as security over the facility. The Director`s are confident that
this consent will be received, and the facility approved by November 2005, and
the Directors believe that such finance will be sufficient to meet the working
capital requirements until SPD starts generating positive cash flows.

If this financing is not successful and the Group is unable to secure sufficient
alternative funding, it may not be appropriate to prepare the accounts on a
going concern basis and adjustments would have to be made to adjust the value of
the assets to their realisable amount, to provide for any further liabilities
which might arise, and to reclassify fixed assets and long term liabilities as
current assets and liabilities.

However, the Directors are confident of success of raising the project finance,
along with the feasibility of alternative financial strategies, and therefore
believe it is appropriate for the financial statements to be prepared on a going
concern basis.

Russian business environment

During the period ended 30 June 2005 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.

The Russian economy, while deemed to be of market status beginning in 2002,
continues to display certain traits consistent with that of a market in
transition. These characteristics have in the past included higher than normal
historic inflation, lack of liquidity in the capital markets, and the existence
of currency controls which cause the national currency to be illiquid outside of
Russia. The continued success and stability of the Russian economy will be
significantly impacted by the government`s continued actions with regard to
supervisory, legal, and economic reforms.

2. Turnover

Turnover represents the amounts invoiced by the Group to third parties in the
ordinary course of business and is stated net of value added tax and similar
levies.

3. Segmental analysis

During the six months ended 30 June 2005 and the year ended 31 December 2004,
the Group operated in one business segment being that of oil and gas
exploration, development, production and trading, and in one geographical
segment, being the Russian Federation. All of the Group`s turnover and operating
profit/ (loss) was derived from continuing operations.

4. Taxation

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

5. Profit / (loss) per share

Profit per share for the six months ended 30 June 2005 and 30 June 2004 is based
on the profit for the period of £0.5m (2003 - loss of £8.5m). The weighted
average number of ordinary shares in issue during the period was 203,160,802 and
for 2004 the adjusted total was 174,672,344 respectively.

6. Investment in subsidiary undertaking

On 13 June 2005 the Company completed the acquisition of a further 10% of the
issued share capital of Evikhon Oil Open Joint Stock Company from Dana Petroleum
Limited. The consideration for the acquisition was $24 million paid in cash and
brought the Group`s total holding in Evikhon to 92%. Evikhon is Sibir`s Russian
subsidiary which is partnered with Shell in a 50/50 joint venture to develop the
Salym group of oil fields in Western Siberia.

Due to the above transaction an asset revaluation reserve of £108.8 million has
arisen as a result of the requirement to revalue Evikhon`s assets to fair value.

The investment in Evikhon has been included in the Group balance sheet at its
fair value at the date of acquisition which can be analysed as follows:-

Book Adjustments Fair Value to
Value the Group
£000 £000 £000

Tangible assets 5,581 5,581
Investment in joint venture
Share of gross assets 285,060 132,665 417,725
Share of gross liabilities (187,136) - (187,136)
Debtors: amounts falling due after one
year 45,000 - 45,000
Debtors: amounts falling due within one
year 2,182 - 2,182
Stocks 27 - 27
Cash 8 - 8
Creditors: amounts falling due after
one (68,722) - (68,722)
year
Creditors: amounts falling due within
one (5,409) - (5,409)
year
_________ _________ _________
Net (liabilities)/assets 76,591 132,665 209,256
_________ _________ _________

The fair value of the net assets acquired was £20.9 million, which has been
accounted for as a reduction to the minority interest. The excess of this fair
value of the net assets acquired over the purchase consideration was £8.4
million which has been accounted for as negative goodwill on the balance sheet.
The negative goodwill will be released to profit over the life of the Salym
project.

7. Reconciliation of operating profit/(loss) to net cash flow from operating
activities

Six months Six months Year
ended ended ended
30 Jun 2005 30 Jun 2004 31 Dec 2005

£000 £000 £000

Operating profit/(loss) 18,192 3,521 (9,928)
Fee for services of Bennfield
Limited - 16,389
Depreciation and decommissioning 507 1,221 1,763
Decrease/ (increase) in stocks 87 (6,122) (6,619)
Decrease / (increase) in debtors 3,869 (12,686) (29,155)
Increase in creditors 4,168 7,900 19,012
_________ _________ _________
Net cash flow inflow / (outflow)
from operating activities 26,823 (6,166) (9,012)
_________ _________ _________

8. Events Since the Balance Sheet Date

On 22 September 2005 the Company completed the acquisition of Hitchens Global
SA, bringing to 100% its ownership of Russian subsidiary, OAO NK Evikhon.
Evikhon is the formal partner with Shell in a 50/50 joint venture to develop the
Salym group of oil fields in Western Siberia where the start of commercial
production is weeks away.

The Hitchens acquisition is part of a larger corporate restructuring approved by
shareholders at Sibir`s EGM on December 20, 2004 and brings into the company
three assets: 8% of Evikhon, benefit of a $9.9 million debt payable by Evikhon
(eliminated on consolidation), and a 12.5% interest in Mosnefteproduct, a
downstream fuels retailing and distribution network in the Moscow region. In
parallel Sibir is finalizing the acquisition of a 25% + 1 share interest in STBP
directly from its beneficial owner, Mr. Chalva Tchigirinsky, as provided for by
the shareholder approved restructuring. STBP is a joint venture which owns and
operates a network of 45 BP branded filling stations in the City of Moscow.

Sibir acquired Hitchens in exchange for 12,111,111 ordinary Sibir shares at a
price of 2.50/share or 30,277,778. Sibir shares were valued at 2.275/share the
day after the transaction was approved.

9. Comparative Information

The comparative financial informaiton has been adjusted to reclassify the
£140,073,000 fair value adjustment to Oil & Gas assets which arose on the
original acquisition of Sibir`s 50% of Salymn Petroleum Development N.V. (SPD)
from Property, Plant and Equipment to Share of Assets of Joint Venture, to
better reflect the value of Sibir`s share of the assets of SPD.

10. 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 2004. 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 11 Grosvenor Crescent,
London, SW1X 7EE.


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 2005 which comprises the Consolidated Profit and
Loss Account, Consolidated Statement of Total Recognised Gains and Losses,
Consolidated Statement of Shareholders` Funds, Consolidated Balance Sheet,
Consolidated Cash Flow Statement and the related notes 1 to 10. 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 United Kingdom Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly we do not express an audit opinion
on the financial information.

Going Concern

In forming our conclusion we have considered the adequacy of the disclosures
made in Note 1 of the financial statements in respect of the uncertainty as to
Sibir`s ability to raise project finance for the funding of the development of
the Salym fields, and the consequential implications for the Company`s ability
to operate as a going concern. The validity of the going concern basis depends
on adequate financing being available. The financial statements do not include
any adjustments that would result from failure to secure sufficient funds
through the financing negotiations. Our conclusion is not modified in respect
of this fundamental uncertainty.

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 2005.

Ernst & Young LLP
London
30 September 2005




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

END

[hainholz]

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