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!

Cannot find any news, I guess we all keep watching

I think it is tommorrow or Friday that the class action plaintiffs ( Now ruled out of court) have to be identified on the order of the trial judge, this should be an interesting revelation, if Class law identify its plaintiff - if they don't I suppose a massive fine is imposed if is the case that Mr A or some other of his cronie that can be linked to him. If Class Law stay stum the fine will be paid by you know who.
The three day BVI case on or about the 20th will possibly just be a direction hearing and applications by defence and prosecution for my time etc, stringing the case along unless Mr A wants to fold his hand. Compex fraud cases which this one will be may take years to sort out and I'm sure you don't need informing of this - however the results are due 30th of this month and they are nigh on guaranteed to be exceptional with other good news relating to the pipeline and the refineryies couples with drilling news on the well they are currently running. Good month ahead - I don't believe this share has peaked yet there is still plenty of upside according to ANTONS review which values the share at $6.78 approx 3.66 as of todays standing with good news along the way 4.50 should not be a problem. Buys outweighing sells 3 to 1 and plenty of M,B X VW and T buyers some of which have been at a premium to the buy prices. Good luck to all sibir holders.

Agree with your assessment B1
Anything which comes out of the Court could take years to conclude - meanwhile the real business looks to be on lift-off.
The essential thing for their business team is to remember they have a real business to run and let the legal team deal with the other "affair"
which has all the looks of a novel or a film script.
Friday could be an interesting day and maybe an expensive one.
Good luck - keep watching

Nice 4.5p rise with no news coming out. Maybe over the weekend some release will be made. Get ready for the T10's and the T20 trades coming in on the back of the anticipated exceptional results, which they will be - might not be into profit yet, but will make substantial inroads into that loss. Coupled with the investment program and the update on transportation followed by increased flow rates makes this share a potential 5/6 pound share by the new year in three months 2005/06.
I've been in this one since the early sibir days, not as long as some - but now all our patience IS being REWARDED - Good luck to everyone in this be advised though DYOR (The volume charts on this look positive - The buying of the share is positive - The fundamentals on this company from Oil rig - the product - the volume of recovered oil - to refinery - to transportation - to the service stations - to the price at the service stations that they own and operate - the Management - the relationship with the authorities - the investment in them bu Royal Dutch Shell - the rumour of the takeover by BP - The upward movement of the share - the buying in exceptional volumes by M, B, X and better still the O trades (us the private investor) show a positive, professional company which has only one way to go upwards with or without what rightfully belongs to Sibir.

In after consolidation at equiv. sp 20.3p,actually203,but now appears to be about to motor,think consoldn.was10/1,right on B1.

Interesting little High Court diversion today. I was always told "dont mess with the Senior Courts " --- perhaps it needs translating into Russian.
As long as it does not divert Cameron and his team from the principle task of extracting oil I am happy to hold my hand.

Sunray41.
That decision today was so predictable, as is the appeal result. Complete bogus and time wasting distraction. The appeal Court Judges will still thro out the Appeal - but what will happen - Hazzard a guess - Nothing. The fine will be paid but NO ONE will be identified. Why should they ID their backer. The fine will still be the same and it will be paid and the company is still what it is, in damn fine fettle. MM's can adjust the price to reflect this but they can't hold the price back too long 4:1 buys to sells - someone mopped up the sells easily. Indication strong buying opportunity lets the big boys in again and frightens the PI. They are not having mine, never. This share has an exceptional future.

Agree B1 but it would be nice to see this disgracefull event exposed.
You are right , they wont squeall on their backer

Salym current productions rates at 2750 BBls/D for August

Total Produced for the 1st 6 Months of Year 520 K BBls = $28.6 Million

Production forecast to be ramped up 7500 BBls/D by Year End.

This sp. is sliding, is this to go on and on,any views.

nOT SLIDING ANYMORE!!! Checking out Russian Newspapers for why!!

Nice movement today 9p up possibly with the T20's getting in - T10's in from Monday. All getting in before the results, which will be exceptional on the 30th inst. Will head North and possibly touch 4.00 maybe 4.50p. November flowrates will increase this share possibly to 5.00 maybe 5.50p. ANTONs have this share as a buy with a price of 4.66 (+/-) 2.6%. If the BVI hearing starts Tuesday and there is some settlement in SIBIRS favour you can add another 3.00 to 4.00 pounds. All looking good for 2005. 2006 looks even more favourably as all SIBIRS hard work swings into full gear. I wouldn't be surprised if as per usual that there will be a RNS next week a couple of days prior to the results updating shareholders as to the completion of the infrastructure namely that the pipeline is up and functioning. DYOR. Good luck.

Salym Petroleum Development NV (SPD) announced the last stage of setup works next comes large scale production on Upper- and Western Salym fields. Over the past six to twelve months, SPD set up the previously limping production at the Upper Salym field. The company also launched production at the Western Salym field, installed industrial infrastructure units and a pipeline linking the field to Transneft enter point.

remind, earlier SPD and Russia's ministry of natural resources (MPR) were at odds about project launching. The MPR even threatened to recall the licenses, accusing the company of dragging out the project terms. The point is that initially the project was to be developed on PSA terms. As many in Russia know, to ink a PSA project with Russia's government requires decades. Russia's parliament back in 1999 included Salym in the list of fields approved for PSA terms development at that point the sides did not manage to settle the terms of the agreement. However, the MPR lifted all demands in 2003 after SPD shareholders have decided to start production at Salym group of fields following the current tax legislation. In April 2005, Russia's Agency on subsoil usage inked with SPD a number of addendum agreements on license renewal for Upper Salym and Western-Salym fields till 2032 and 2034 respectively (the initial fields' development term was to run out on 7 September 2013).
Dale Rollins, SPD general director, informed journalists on Salym briefing that in 2005 the company plans to produce some 321,000 tpa crude (6,420 b/d). The first oil on Western-Salym field was discovered in December 2004 and already the company estimates 2005 production at the field 138,000t of crude, plus 183,000t estimated production at Upper-Salym field. At same time, in 2006 the company plans to boost crude production seven-fold, bringing the annual output to some 2mn t (40,000 b/d).
To the point, the shareholders failed to negotiate handling arrangements for the crude produced at Salym fields. According to Rollins, crude distribution schemes and sizes of consumer markets are now thoroughly discussed. It is plausible that Evikhon, one of SPD's shareholders, will want to supply its share of produced crude to one of Russia's refineries. Alternatively, it is possible that SPD will distribute the whole production volume. The shareholders will decide on crude distribution schemes by October this year. The SPD has already signed a crude shipments agreement with Transneft, Russias crude transportation pipeline monopoly. In August 2005 the SPD plans to complete a pipeline linking Western-Salym field with Southern Balyk, Transnefts pipeline entry point. The project's construction works have already been completed, now test-run is in the progress. The plan puts pipeline launch date for November 2005 at the same time, the company's management estimates it might launch the pipeline sooner. The cost of 180,000-200,000 b/d, 88km pipeline tops $53mn.
The investments into the fields are estimated to peak over the next two years period, when the company plans to install main production and infrastructure units. Over 2003 2004 some $350mn have been invested in Western- and Upper Salym fields. In early 2005, SPD shareholders approved $249.2mn investments in Vadelypskoe field. In 2005 the company plans to invest in those three fields a total of $310mn. 2006 investment budget has not been approved yet; at the same time, the info leaked that it could reach some $250-$300mn. The total cost of the projects at the three fields reaches $1.25bn. Rollins also said that the company's budget requires periodical adjustments due to growing cost of metal production, exchange rate fluctuation and other factors. However, SPD director stressed that the company plans to keep within the project's budget and will try to cut costs by optimizing the production processes.
Presently, the project's payback period is hard to estimate -- it depends on a number of factors, including cost of crude, tax mode etc. Still, SPD plans that by late 2006 the company would enter the stage of positive financial flow, investing a part of its own profits in the projects and paying money to the shareholders.
Rollins happily expanded on the company's production plans but was tight-lipped towards the questions on expansion outlook. The director reminded that the SPD was tailor-made for Salym project and currently the shareholders do not think about expansion. At the same time, after the project reaches production stage, the company's shareholders could turn to expansion options, in particular, acquiring new licenses.

Oilmarket info

Salym Petroleum Development NV is a 50-50 company established by Shell Salym Development NV and Evikhon, controlled by UK-registered Sibir Energy. The SPD holds production licenses for all three fields of Salym group, which is located in Khanty & Mansy Autonomy. The group comprises of Western-Salym, Upper-Salym and Vadelypskoe fields. Field resources of + category are estimeated at: 113.3mn t (Western Salym), 21.3mn t (Upper-Salym) and 18mn t (Vadelypskoe). The total crude production at the field is estimated at 120.000

Moscow, 12.09.05


Major success of Salym Petroleum Development in Yugra Black Gold Competition
On September 9, 2005 the Black Gold of Yugra Competition was concluded in Khanty Mansiysk. This competition is carried out on an annual basis among oil and gas companies of Khanty Mansiysk Autonomous Okrug and is timed to coincide with the national Oilmans Day festivities. 41 companies have participated in the competition this year.



Salym Petroleum Development NV (SPD) has for the first time taken part in the competition and scored a major success. Based on its performance in 2004, SPD has won in two categories: as The most dynamic enterprise with oil production volume of under 1 million tonnes and For social and economic partnership and also became a laureate in the category For efficient management of subsoil.



Our debut in the Yugra Black Gold Competition can be regarded as a major success, commented SPD CEO Dale Rollins. Winning in the competition is the result of great performance of the SPD team, including our staff and contractors in 2004, a proof of the Companys dynamic development and our commitment to social responsibility and partnership. This year we continue increasing the pace of field facilities construction, putting into operation new wells and ramping up oil production. Currently SPD has come to an important milestone of the Salym Project in the next two months we are to complete and commission the key infrastructure facilities in the West Salym field Central Processing Facility, infield flow lines and oil export pipeline. These will enable SPD to reach a new level of oil production both in quality and in quantity. At this challenging moment the news of winning in the Black Gold of Yugra Competition has become a great encouragement for SPD.



Note for Editors:

Salym Petroleum Development NV is a company established on a 50:50 basis by Shell Salym Development B.V. and OAO NK Evikhon (a subsidiary of Sibir Energy plc. SPD holds licenses for three Salym fields (West Salym, Upper Salym and Vadelyp) which are located in the Khanty-Mansiysk Autonomous Okrug in Western Siberia, 190 kilometres from the town of Nefteyugansk.

The cumulative oil production from the Salym group of fields will be at least 6 million tonnes per year by 2010. In terms of total investment US$ 1.25 billion - the Salym Project is one the largest investment projects with foreign capital in the Russian energy sector.


ENQUIRIES:

Salym Petroleum Development NV Elena Zakupneva,

External Affairs Manager

+7(095) 518 97 20 Mob +7(095) 762-91-15

Scots oil executive takes on Abramovich again over 'theft'

IAIN DEY
CITY EDITOR


AN ABERDONIAN oil executive will renew his 1bn legal fight against Chelsea tycoon Roman Abramovich this week in a long-awaited court case in the Caribbean.

Henry Cameron, chief executive of AIM-listed Sibir Energy, has accused Abramovich of "stealing" his company's share of a massive oil field in Siberia.


The field was held in a joint venture company created five years ago but Sibir's 50% stake was subsequently diluted to almost nothing through a series of transactions that Cameron claims to know nothing about.

But Abramovich and his Sibneft oil business claim that they acted lawfully at all stages and the stake dilution was part of a deal agreed with Sibir's biggest shareholder.

Although a string of cases has been batting back and forth in the Russian legal system for several months, the battle which begins in the British Virgin Islands on Monday is seen as the linchpin to the eventual outcome.

Some industry sources have claimed that the case is holding up a multi-billion merger between Sibneft and its Russian rival Gazprom. Sibir has claimed that the contested field could be worth as much as 40% of Sibneft's total value.

Sibir has raised the action in the British Virgin Islands as four of six companies involved in the dilution process were registered there.

Sibneft's report and accounts acknowledge that all these companies are its subsidiaries. The action cites Roman Abramovich, Sibneft and the six associated companies.

The latest row in the Russian courts has revolved around the appointment of an administrator to the two firms' joint venture.

Sibneft had been attempting to gain control of the creditors committee but the Moscow Arbitration Court threw this out.

A previous hearing on that point was delayed after the judge excused himself from hearing the case because his wife had started working for Sibneft two days earlier.

A case in the High Court last month saw Sibir come under fire from a mystery group of shareholders over allegations that it colluded with Sibneft in the stake dilution to the detriment of the rest of the shareholders.

That case was thrown out by Justice Peter Smith, who branded the claim from Harley Street Capital as "bogus".

It emerged that Harley Street only owned 200 shares in Sibir and bought them after the stake dilution took place.

Thanks BANKONE for all your input on this share - do you really think Sibir will be vindicated?

I see a number of combinations which will ultimately result in the return of the asset to SIBIR in one way or another which will benefit the ordinary joe public shareholder. Firstly the BVI hearing i believe we wont hear an awful lot about this scenario as it will be subject to legal privilidge, legal arguments and complex fraud cases which this is, have no doubt about that may and possibly will go on for a number of years unless the bid for Sibneft by the parties involved include a pay off + asset return to SIBIR out of court in order to get the deal done. If it is Russias Privatisation plan to buy the asset Gazprom and return it to the public following its purchase (similar to the BT sale and the ilk), the SIBIR issue at some stage has to be settled. BP may step in and buy the company - Gazprom may buy the company - SIBIR may go it totally alone. However I believe that following the figures and the Flow rate announcement in November together with the Pipeline connection that SIBIR will be gobbled up. HC after all is keeping the P govt sweet. Moscow press at the moment are having a field day showing the bad character of Mr A so P wont want Mr A in his or any where near his camp in order to keep the public confidence on his side. I also believe this week will be the last chance to get in under 3.50 and come 29.9 get in under 4.00 because this share has some legs left in it and boy doesn't it look well fit. DYOR Good luck Come 8am in the morning I am having 6000 more of these.

A lot of readers but no writers - where has all the confidence gone my 6000 went through at 8.12 this morning unaware of the RNS whilst travelling to work. Excellent RNS brought about a number of B buys throughout the day but sells outweighed the buys 2:1. Result due on BVI hearing to day sometime will be interesting what it brings either PI's will be running for the exits or big buys will come in but nevertheless interesting reports yeaterday in the Guardian re Mr A rags to riches story and in the business telegraph stating that SBEs results will post strong interims when announced on 30th Sept 2005'

Bankone - these results I believe will be exceptional and maybe that news has already been included in the present day price considering the nighon one pound rise in the past 4 weeks or so.

David Conn Sports reporter of the year
Wednesday September 21, 2005
The Guardian


Roman Abramovich is in court today in Tortola, the British Virgin Islands, a defendant on a writ alongside his oil company, Sibneft, and six other companies based in the BVI, Panama and Cyprus, which Abramovich is alleged to control. In the scale of the cataclysms he has sailed through on his journey from impoverished orphan in communist Russia to owner of a vast pool of the country's privatised oil fields - and Chelsea FC - this is a trifling matter, a claim against Abramovich and his companies by another oil company, Sibir, for a half-share worth up to $2bn in a joint venture to serve Moscow with oil.

Sibir and Sibneft formed the company, Sibneft-Yugra, in November 2000, owning it 50-50 and work began on extracting oil. But then, on September 28, 2002, Sibir claim that Sibneft executives, illegally and without Sibir's knowledge, increased the number of shares in the joint venture tenfold. The new shares were transferred to three offshore companies, Tranquillo Trading, whose address is the second floor of an office block in Panama City, Shaw Investment & Finance and Carroll Trading, both registered in the BVI. As a result, Sibir's holding in their own joint venture was diluted from 50% to just 5%.
Five months later, on February 4, 2003, Sibir claim that even this minor holding was further diluted. They say that this time the number of Sibneft-Yugra shares was increased more than fivefold reducing Sibir's holding to below 1%. The offshore companies holding the new shares then sold their stakes to three new entities, Ferenco Investment & Services, registered in Limassol, Cyprus, Richard Enterprises and Gregory Trading, both of the BVI. Sibir, which is registered in Britain and whose chief executive, Henry Cameron, is a Scot, claim they were given no notice that the meetings were being held or that new shares were about to be issued.

"We believe this was a fraud on us to deliberately deprive us of half our company," Cameron told me this week. "It would have cost around $16,000 (8,870) to buy the shares to maintain a stake in a very important oil joint venture worth up to $2bn. It is ridiculous to believe we simply chose not to take up our rights."

Sibir began court proceedings in the Eastern Caribbean Supreme Court, BVI, in July this year, naming all six offshore companies and Sibneft and Abramovich personally as defendants, claiming they should pay Sibir the value of a half-share in Sibneft-Yugra.

Abramovich, with partners, owns 72% of Sibneft, one of Russia's largest companies, which he bought in 1995 for a song in the loans-for-shares scandal through which vast, state-owned assets were sold desperately cheaply to a handful of men who then became billionaires overnight - the oligarchs. Abramovich is not a director of Sibneft; however, Cameron told me they decided to sue Abramovich personally because they dealt with him from the beginning.

"The negotiations to do the joint venture originated with Mr Abramovich and we therefore claim that the conspiracy to defraud us of our share could not have happened without his knowledge."

John Mann, the spokesman for Sibneft and for Abramovich personally, told me that they deny all the claims and are defending the action fully. Sibir have had limited success with similar claims in Russia.

"We say that everything at Sibneft-Yugra was done legally and with integrity," Mann said. "We have acted entirely legitimately in the conduct of the joint venture. We reject all the allegations and we fully expect to win in court again."

Cameron told me the claim was brought in the BVI - which, despite its status as a tax haven, effectively operates English law - because four of the offshore companies are registered there. The current proceedings, which opened yesterday and will conclude tomorrow, will hear Sibneft's argument that the case should be thrown out because, they claim, the BVI has no jurisdiction to try the case. Sibir, however, won a previous hearing, which led to the newly issued shares, owned by the offshore companies, being frozen pending the outcome of the case.

Cameron has talked so publicly about the case because, he told me, he is "affronted" by the degree of corporate malpractice he claims has taken place: "I work in Russia so I am used to difficulties but I had a feeling of almost disbelief at the way this was done. I think it is very important for people in the West to understand it."

Since he bought Chelsea in August 2003, Abramovich has floated into British life largely free of criticism, or even much knowledge, about who he is and where he has come from. When his money bought Chelsea the Premiership last year, he was dragged smiling on to the Stamford Bridge pitch, showered in champagne, his team dancing delightedly around him, a mysterious fairy godfather, showering football with beneficence. Precious few voices have been sounded in caution, none prominent in football or at Chelsea, except the former sports minister, Tony Banks, who said he wanted to be sure Chelsea's new owner was "fit and proper". One or two have called for investigations into the source of Abramovich's cash but in truth there is no great mystery about it.

The loans-for-shares privatisations, what became known on the Moscow streets as "grab-it-isations", were public and have been extremely well documented. With Boris Yeltsin's Russia unravelling economically and politically in 1995, amid fears that the communists could return in the next election, seven men who had made initial fortunes in the free-for-all which followed communism's collapse offered to loan the government just 1.12bn in exchange for the right to manage 44 state-owned conglomerates, including the world's largest nickel company. Later they were allowed to buy the companies at a fraction of their true worth in closed auctions; Abramovich, with his then partner Boris Berezovsky, bought the Sibneft oil riches for just over $100m.

Russia, which had banned private wealth under communism, became one of the world's most divided countries, with a few men owning natural resources whose true worth is billions, while 20% of the population, some 50 million people, live below the poverty line of just $30 a month. Here Abramovich is celebrated but in Russia the oligarchs are widely loathed: "The vast majority of Russians believe the oligarchs stole those assets," explains Nikonov Alekseevitch, who runs the Polity Foundation think tank in Moscow. "There is huge resentment of them and the terribly unequal society we now have as a result."

While the football authorities here argue none of this is their business, they have done nothing to protect the sport itself. Abramovich said he looked at the major Spanish clubs, Real Madrid and Barcelona, before he bought Chelsea, but he could not buy them because they are democratic institutions, owned by their members. All our clubs are companies and as such up for sale.

The Premier League has no qualms about allowing businessmen to purchase its clubs, then throw in millions to buy success. The icy-eyed capitalists of American football's NFL know better; to them "competitive balance" is vital to the sport's success and money is shared strictly round the franchises. Here Abramovich can pour in whatever he wants to transform Chelsea from a debt-laden Ken Bates company to one with a locker-room of the world's best players.

"I know that the average person doesn't care very much about a dispute between two oil companies," Cameron told me. "But I think they do care about the way people conduct themselves in business."




Small mention in the business.telegraph............

Sibir Energy eased 7 to 332p on profit-taking. Dealers recently speculated the oil production group will post strong interim results on September 30.

Sibir Energy plc has completed the acquisition of Hitchens Global SA, bringing to 100% its ownership of Russian subsidiary, OAO NK Evikhon. Evikhon is the formal partner with Shell in a 50/50 joint venture to develop the Salym group of oil fields in Western Siberia where the start of commercial production is weeks away.

The Hitchens acquisition is part of a larger corporate restructuring approved by shareholders at Sibirs EGM on December 20, 2004 and brings into the company three assets: 8% of Evikhon, benefit of a $9.9 million debt payable by Evikhon (eliminated on consolidation), and a 12.5% interest in Mosnefteproduct, a downstream fuels retailing and distribution network in the Moscow region. In parallel Sibir is finalizing the acquisition of a 25% + 1 share interest in STBP directly from its beneficial owner, Mr. Chalva Tchigirinsky, as provided for by the shareholder approved restructuring. STBP is a joint venture which owns and operates a network of 45 BP branded filling stations in the City of Moscow.

Salym Update
Sibir also announced that commercial production at the Salym fields will begin in late November as drilling and large infrastructure projects continue to make significant progress. The Salym development is operated by Salym Petroleum Development (SPD), the joint venture between Shell and Sibirs Evikhon.

Four drilling rigs currently working in West and Upper Salym have drilled over 44 wells with 30 completed to date. Well results are showing reservoir development in line with expectations, some with net pay in excess of initial projections. Overall drilling times have been reduced to less than 15 days, adding momentum to a program that is scheduled to drill at least 67 wells and have 33 or more hooked-up and producing by year-end 2005.

Construction of the Central Processing Facility (CPF) and Crude Transfer Facility (CTF) is on schedule with completion imminent. Welding on the 88km export pipeline has been completed and hydro-tested. The finalization of these key infrastructure projects will allow SPD to begin pumping crude oil directly from the Salym fields into the Transneft system in November, 2005.

Of these developments, Sibir CEO, Henry Cameron said, By securing Sibirs full 100% ownership of Evikhon we ensure that Sibir shareholders will receive full benefit of our joint venture with Shell. Early well results are very encouraging and give us confidence that the Salym development will realize its rich potential. We also very pleased to see the project reaching commercial production on schedule. It is a tribute to excellent work the SPD team has done in fusing the best of international oil field practice and local Russian expertise.

H ave faith B1, also topped-up today before rns and during house removal.
I am old enough to recall the Ferranti fraud where a guy called Guerin from US. walked away with the kitty. If memory serves me he was given custodial in a Federal jail.---------------- The asset was never recovered
Henry Cameron is really going for this one, so an interesting time will be had by all.
Thanks for your regular info and views