Petrosibir: Sosnovskoye Well Test Results, Awaiting Frack Crews

Three wells have been successfully drilled earlier this year in the Sosnovskoye field in Komi and they have produced results in line with the prognosis, see table below. Each of the wells encountered more than 4 meters of net pay (in line with expectations). A fourth well has also been drilled in the field and is now being completed, the test results will follow within the next several weeks. The ongoing drilling program encompasses a total of 6 production wells to be completed in 2017.

All wells will be fracced upon availability of a fraccing fleet to reach the target production rates. We will inform the shareholders about the new well results along with other developments in due course.

Petrosibir owns 49% of the Cypriot company Ripiano, whose wholly owned Russian subsidiaries hold three production licenses in Komi including the Sosnovskoye field.