Sibir's 3Q Production Up 37% to Record 6.3MM Barrels

Sibir Energy plc

Total production for the Sibir group in Q3 2008 increased 37% to a record 6.3 million barrels compared to 4.6 million barrels in Q3 2007. Sibir group average daily rate of crude production for the period was 68,800 barrels of oil per day (bopd), up from an average 50,400 bopd in Q3 2007.

The weighted average netback on domestic and export crude sales after transportation and export duty and before mineral extraction tax was $44.6 per barrel.

Sibir's share of fuels sales volumes from its MTK and Mosnefteprodukt retail networks as well as its joint venture with BP totaled 139 million liters.

Commenting on the Q3 2008 production results, Sibir CEO, Henry Cameron, said, "The third quarter was a period of continued record production and trading results for Sibir driven primarily by production increases at the Salym fields and increased refining volumes at the Moscow Refinery as a result of the MOGC deal in 2007. Sibir also benefited from strong prices and netbacks for its crude production and refined products."