announcement today from sibir on website + oilbarrel.com re agreement on mogc percentage share.but at what cost???

Highlights:
* Confident in legal position over dilution of stake in sibneft-Yugra.
* Positive statements of support from Central Fuel company & Tchigirinski (major shareholder).
* Good progress on West Slaym.
* Oil production expected to commence late 2005 at Salym with possible acceleration.
* Valuation complete - finalised agreement to substitute assets of sibir
for stake in Sibneft-Yugra expected end July.
* Confident of securing financial backing for further investment
in Salym (further investment expected to be $220m).
* Expect to emerge from current 'unpleasant experience' in stronger state.
* Material announcements expected over next few weeks.
* Resumption of trading in August.
* Production in 2003 1,826,189bbls (Magma 1,657,411bbls)
* Gross Profit 5,626,000
* Net loss 13m
* Loss per share .81p

Overall more positive now than when reading the doom and gloom on BBs recently.
I remain optimistic!!!

As I understand it.......the Sibneft-Yugra write down as included in the 2003 results just released.....although we only found out about it in 2004....errrrrrr..mmmmm....but they know it happened in 2003...

Rumblefish

Found this whilst looking at some news reports.
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/06-30-2004/0002202759&EDATE=