Has anyone please got any info on this one? It was supposed to start trading again in July and then August - almost end of August and nothing!

SPD announces launch of commercial production at Salym fields
24-Nov-2005
The opening ceremony for SPD Big Oil will take place at the operation site on November 25, 2005.

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Salym Petroleum Development NV (SPD) has achieved a major milestone in the development of the Salym Group of oilfields in Khanty-Mansi Autonomous Okrug, launching commercial production at the West Salym, the largest of the Salym fields. The opening ceremony for the launch, called SPD Big Oil, will take place at the operation site on November 25, 2005.

SPD has reached this remarkable landmark in just two years, carrying out an enormous construction program. An all-weather 50 km long road, power supply facilities, five well pads, the first train of the Central Processing Facility (CPF) capable of processing 3 million tonnes of oil per year (to be later extended to 9 million tonnes per year), in-field supply lines, an 88 km long oil export pipeline and other facilities have been put in place. In December 2004, one year ahead of the schedule stipulated by the License Agreement, SPD commenced limited production from initial wells and transported the oil by tanker truck.

On November 25, 2005 the key field infrastructure facilities - the CPF and oil export pipeline, which will transport the Salym oil in the Transneft system, will come on stream. With this event the development of West Salym enters into a fundamentally new phase paving the way to a rapid increase in oil production. In 2006, Upper Salym and Vadelyp will be tied-in to the West Salym CPF. The total oil production from all three Salym fields will be in excess of 2 million tonnes per year in 2006, outlined in the technological schema (around 15 million bbl).

Completing the West Salym CPF and the export pipeline and streaming 30 production wells are major accomplishments for SPD, commented SPD CEO Dale Rollins. - Our employees and our contractors have worked tirelessly for two years to achieve this goal and we are collectively very proud to see commercial production start on schedule. In reaching this milestone we have delivered on our commitments to both our shareholders and the Russian authorities. In addition to these operational accomplishments SPD has experienced explosive growth as a company. From an organization of just 15 employees in early 2003 SPD has grown into a large company of over 700 Russian and foreign specialists representing 14 nations, with Russian employees making up nearly 90% of the full-time staff. Currently, SPD is one of the most dynamic oil companies operating in Russia. Our achievements in West Salym development give us the confidence that the SPD team is prepared to tackle new challenges in the ongoing development of the Salym Fields, the largest new project in the energy sector in West Siberia for many years.

Salym Petroleum Development NV is a company established on a 50:50 basis by Shell Salym Development B.V. and OAO NK Evikhon controlled by Sibir Energy plc. SPD holds licenses for all three Salym fields (West Salym, Upper Salym and Vadelyp), which are located in the Khanty-Mansi Autonomous Okrug in Western Siberia, 190 kilometres from the town of Nefteyugansk.
Around the end of the decade the cumulative oil production from the Salym group of fields will be at least 6 million tonnes per year (around 44 million bbl), outlined in the technological schema. In terms of total investment - US$ 1.25 billion - the Salym Project is one of the largest investment projects with foreign capital in the Russian energy sector.

Salym Petroleum Development Company allocates US$385 Million for Salym fields in 2006
25-Nov-2005
In line with the overall field development plan of the Salym group of oil fields in Western Siberia, US$385 million will be allocated for the operations and continued development in 2006 .

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In line with the overall field development plan of the Salym group of oil fields in Western Siberia, US$385 million will be allocated for the operations and continued development in 2006 . This decision was made by the Supervisory Board of Salym Petroleum Development N.V. (SPD), a 50/50 joint venture between Shell Salym Development B.V. and Sibir Energys Evikhon subsidiary.

In 2006, the US$385 million budget is aimed at further development of Salym fields and increasing oil production in line with the plan, commented SPD CEO Dale Rollins. As in 2005, major construction activities will be carried out at West Salym, the largest of the Salym fields. Our top priorities will include construction and commissioning of a second train at the Central Processing Facility capable of handling an additional 3 million tons of oil per year, construction of new well pads and drilling new wells. Four drilling rigs will be in operation at West Salym. The 5th drilling rig is going to be mobilized for drilling activities at Vadelyp, where the first oil is scheduled for late 2006. In total, over 80 new development wells are slated for drilling in 2006 at Salym fields.

The 2006 workscope also includes construction of infield roads and expansion of oil gathering lines. In particular, a 36-km long multiphase interconnecting pipeline will be built to transport produced oil from Upper Salym to West Salym for processing at CPF and further pumping into Transneft system. Late 2006, Vadelyp field will also be hooked-up to that interconnecting pipeline. Thus, the field infrastructure will be used with maximum efficiency.

In 2006, the cumulative oil production from the Salym group of fields is expected to be in excess of 2 million tons (around 15 mln. bbl).

after there pipeline opening and production starting thought we would push on to much higher leVel somewhere aboVe 400 any Views .some big buyers comeing back but slow to moVe up.

Traded low as far as 299 early morning,then climbed up to 325, only up 2.50 ,whats going on.

chart looks good for a push aboVe 370 oil flowing from there pipeline 15december start of stepchange in sbe reVenue ,estimated 14.6 million barrels oil in o6 that seems a fantastic jump 14.6x$40min oil per barrel=$584mil=$292mil for sbe.dont think we will eVer see any of the stolen oil but this oil flow should see us on the road to 8 pounds in 2006 unless the russians stick it to us someway

Interesting Spike at 388p at 14:30 ???? Any ideas?

lboy, the AGM was today - perhaps people thought there would be some exciting news there and speculated accordingly? in the event, I heard the AGM seems to have been run of the mill. nothing new revealed, though some assurance that the fight over the "stolen" assets is not a lost cause.

all IMHO. WDIK, PDYOR.

camlad

From the Moscow Times this morning:- 09/12/05

Shell Interest in Sibir Stake
LONDON -- Royal Dutch Shell has repeatedly expressed interest in buying a 50 percent stake in the 1 billion barrel Salym Siberian oil field held by Sibir Energy , Sibir's main shareholder said on Thursday.
Shalva Chigirinsky said executives at Shell, which holds the other 50 percent, had expressed a desire to buy Sibir's stake as recently as this year but that the London-listed, Russia-focused oil company made it clear it was not a seller. (Reuters)

hope shell are still interested when we get to 8 pound why has price gone up when we take on 400 mil more debt.

see issue of new equity release this morning!

cellby, new placing at 4 per share. if you assume that placings are normally a discount to true market value, then SBE must be significantly underpriced at present.

WDIK, PDYOR.

camlad

I, too, was intrigued by the placing at 4.
So much so that I bought a largish tranche at 384p and 385p.
Seems like extremely good value !!

All IMHO of course.

150% profit on my original investment in dec 2003.

Happy days

i think the main thing holding these back is all this court case make institution nerVous been in and out x4 at small profit got in 370 when thought they were pushing on they droped oVer 30% 2 months later there doing what i thought they are good for would like to try hold for 100% but dont seem to haVe the nerV for it

cellby, i think the current increase and valuations are based on actual oil flow - current and future. I don't think there is now anything in the price for the "stolen" assets (i.e. the court case) - and quite rightly so.

If SBE were ever to get a favourable settlement and recover some/all of the assets, the SP would probably double from where it is now. I also think institutional investors are well aware of this situatoin and are not spooked. However, PI's are not so aware or perhaps live on hope and therefore the MM's can manipulate the SP on any bad news about the court case.

I've held for a long time (pre-suspension) and will continue to hold.

all IMHO.

WDIK, PDYOR.

camlad

any one got a shortterm target on these ,im thinking 446p there may be some profit taking tomorrow from holders who got in sub 200p . 9% is a big jump for one day would i get back in at my 370 if i sold now and took the 600pound thats on the table ,lots of small profits or wait see if the big one comes.

dont bank on big from Sibneft.
Have colleagues in Saylm and they say Sibir have no chance of recovering the stolen Asset though their case is as strong as it can be.
Best for a Big one is Shell takeover, With Corperation Tax in North Sea increased by 10% , Shell will be looking to Sell Off and Buy Barrels elsewhere, and Saylm is the best project in te portfolio.
Saylm has lots of near field potential and also is rumoured to have another 1 Bbl uproven reserves in a reservior below the existing producing fields.

there we are still in profit of 600 nearly all gone,cristal ball needed.

cellby, pullback to day was almost inevitable as short term profit takers made their money. I don't think this affects the medium term at all. don't forget there is still a buyer committed to a new placement at 4 in March 2006 - so the future is looking as good as ever.

all IMHO.

WDIK, PDYOR.

camlad

Sibir Energy Sells Magma
Sibir Energy and Moscow Oil and Gas Company (holds 31 percent in Sibir Energy) announced a tender for Magma, an oil producing subsidiary of Sibir Energy, which is to be included in the authorized capital of Moscow Oil and Gas Company. Shalva Chigirinsky, co-owner of Sibir Energy, reported to Kommersant that the board of Moscow Oil and Gas Company had endorsed the deal back in November.
Magma Oil Company operates at the Southern Deposit in the Nizhny Vartovsk district of Khanty-Mansi Autonomous Area. The oil fields residual reserves are estimated at 11.7 million metric tons of oil. Oil production grew 37.5 in 2005 compared to the previous year to come to 330,000 metric tons.

Sovlink, the financial consultant of Sibir Energy and Moscow Oil and Gas Company on the sale of Magma, sent letters to possible buyers of the company offering them 98 percent in Magma. Applications from buyers are accepted until late January when Sovlink will announce a shortlist of the companies to contend for Magma.

Shalva Chigirinsky, the co-owner of Sibir Energy, said that the board of directors of Moscow Oil and Gas Company had made the decision to sell Magma in November. Magma is currently in the process of the introduction to the authorized capital of Moscow Oil and Gas Company. Mr. Chigirinsky declined to name the companies willing to compete for the asset. Market watchers mention North Western Oil Group and TNK-BP as would-be buyers.

Shalva Chigirinsky earlier estimated Magma at over $200 million. Considering previous tenders for oil exploration and production licenses, Magma may be sold at between $300 and $350 million, according to experts.