The Board of Directors of Sibir Energy has noted the exceptional decline in the share price of the Company yesterday. It reiterates that there is no trading reason for this decline. The Company continues to trade profitably, benefiting from record crude production, refining volumes and margins, and is cash generative. The Company refers to the Interim Announcement made on September 30, 2008.
Apart from general market conditions and the well-publicised decline in the value of Russian stocks there have been market rumours about margin calls on Bennfield Ltd ("Bennfield"), the Company's principal shareholder, and its shareholders in relation to certain facilities extended by banks and secured on shares of the Company.
Commenting on the announcement, Sibir CEO, Henry Cameron said: "These are exceptional times and markets are beset with rumour and innuendo. We have in this announcement set out that Sibir continues its path forward and we view its future with enthusiasm. I have no doubts that the Company will fulfill the promise that I have always conveyed to you and will do so in real terms irrespective of the share price and current swings in international stock markets."
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