Petrosibir Interim report January-June 2022
January – June 2022
- Total revenue: SEK 30 (30) million
- Operating result: SEK -262 (-6) million
- Operating result excluding write down: SEK -1 (3) million
- Net income: SEK -241 (-8) million
- Net income excluding write down: SEK -1 million (1)
- Earnings per share: SEK -8.1 (-0.3)
Statement from CEO
Dear Shareholders,
For the first time since I joined the Company in 2017 I have to tone down my optimism and acknowledge a great uncertainty that our Company is now facing. In spite of a very difficult environment we have managed to make some operational achievements such as successfully completing the seismic program, maintaining the operational efficiency, and reducing the impact of a highly volatile oil market on our cash flow, however, the sanctions war has become a major obstacle to the long-term success, and even survival of Petrosibir.
Although the new seismic report identifies a few promising exploration targets and provides a much better understanding of the fields, substantially reducing the risks of drilling production wells, the EU sanctions have banned any investment in the Russian oil and gas sector, making it impossible for an uncertain period of time to raise any debt or equity financing to unveil the assets potential. This situation does not leave us many options but to divest the assets, if possible, or keep the business alive for as long as possible with the hope the situation improves.
Pavel Tetyakov, CEO
