PetroSibir: 2019 H1 Results – Revenue of SEK 28m

Statement from CEO

Dear Shareholders,

I am pleased to announce the results for the first half of 2019. It was an interesting period where in addition to operational focus we started testing the market for opportunities to divest our assets in Komi and Bashkiria. It was unfortunate that in the beginning of 2019 we faced some partner issues in our Komi JV but we continue looking for options to resolve the situation.

Total revenue: SEK 28 (32) million

Operating result: SEK 2 (4) million

Result from equity investment SEK 0 (7)

Net result: SEK 2 (11) million

Earnings per share: SEK 0.07 (0.36)

Thanks to the successful re-entry of a well on the Aysky licence in the second half of 2018 we managed to declare a new discovery and book the additional over 7 million barrels of oil in beginning of 2019. We have just put well 141 Aysky in production and are now looking at further exploration / appraisal opportunities across our portfolio. 

Pavel Tetyakov, CEO