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!

Is this a Christmas bonus announcement after the close of trade that will make investors/shareholders a little happier.

Maybe this will be something for the shareholders to discuss at the meeting on the 18th January 2005 as well as the mislaid or misappropriated (to someone else) oilfield.

Website article:- http://www.sibirenergy.com

24 December 2004



Major contract signed for infield flowlines construction at West Salym
Salym Petroleum Development, a joint venture between Shell and Sibir Energy’s Evikhon, today issued the following press release:

Construction of yet another major field facility at West Salym oil field in Western Siberia will begin in the next few days. This was announced today by Salym Petroleum Development N.V. (SPD), the operator of the three Salym oilfields, the largest of which is West Salym. On December 23, 2004 SPD signed a contract worth over US$ 15 million with “Stroytransgaz” Company for the construction of infield flowlines. Under the contract, “Stroytransgaz” will carry out all works at West Salym on building and hooking up to the well pads both production flowlines and water injection pipelines.

The infield flowlines construction represents an essential element in the implementation of the main challenge SPD has for the next year – to begin full scale commercial oil production from West Salym field in Q4 2005 and thereby ensure compliance with its license obligations. As part of fulfilling this task, intensive drilling operations have been underway at well pad 20, new well pads and infield roads are being built. Also progressing is the construction of the other key field facilities, the CPF (Central Processing Facility) and oil export pipeline, which will transport produced oil to the Transneft main trunk pipeline system.

“The contract for infield flowlines construction is the third major West Salym development contract that SPD signed in the recent two months”, commented SPD CEO Dale Rollins. – “The activities leading to the full scale commercial operation of West Salym are entering its crucial phase. And we are happy to have “Stroytransgaz” and other leading Russian companies with skilled personnel and impressive track record of working in the oil and gas sector as our contractors at this important stage of the Salym Project”.

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 controlled by Sibir Energy. SPD holds production licenses for all three of the Salym fields, which are located in the Khanty-Mansiysk Autonomous Okrug in Western Siberia, 190 kilometres from the town of Nefteyugansk. It includes West Salym, Upper Salym and Vadelyp.

The production from Upper Salym has already begun. In December 2004, 1 year ahead of the deadline stipulated by the License Agreement, SPD started producing oil from wells in West Salym. The start of full-scale commercial production from West Salym is scheduled for Q4 2005. The production from this field is expected to peak with at least 120,000 barrels of oil per day by 2009. The oil production from Vadelyp is due to start in 2006.

ENQUIRIES:
Salym Petroleum Development NV
Elena Zakupneva, External Affairs Manager
+7(095) 518 97 20 Mob +7(095) 762-91-15

END

Why has the price dropped so much???

Maybe the price now has bottomed out and the buyers are re-appearing. I somehow cant get it out of my head that the Shareholders Meeting on 18th January 2005 has something to do with the confidence in this share. The Shareholders are meeting to discuss confidence in the Sibir Board and what is being done to get back the mislaid oilfield and when answers have been obtained - get ready for this share to move and quickly.

But if the Shareholders had no confidence in the board, then they would not have approved the Re-organisation at the Meeting in December

Lansdownboy, Im only relating what was said in the Press release on Christmas eve or it may have been the day before Christmas eve. The release stated that the meeting was to discuss confidence in the management/board and the loss of the oilfield. The article appeared in the Daily Telegraph. Are you aware of the meeting and if so what other purpose is there for it.

Solid buying of this share all morning even the 128k at 8.07 this morning would appear to be buy wrongly interpreted by mm. Due to Rise in oil prices, i personally don't think so. I think a month or so into its resurrection it will now find its 'just price'. I expect to see steep rises over the next few weeks to a level of 2.30 to 2.70. All in my humble opinion. DYOR

I agree, The Company is in a very strong position, and is undervalued at this price.

Shell is in desperate need to get its Reserves replacement up. Don't be surprised to see bid.

It will be interseting to see the progress of the Legal battle with Sibneft develop over there Oil Field Steal.

A Furious Pace in Western Siberia
27-Jan-2005
Salym Petroleum Development

--------------------------------------------------------------------------------





The Salym project in Western Siberia grew from a few dozen people to over 200 in 2004. The $1 billion project will see the development of these discovered, but never developed, fields peaking at around 120,000 barrels per day. Oil production commenced in December, ahead of schedule.

The Salym group of oilfields includes the West Salym, (discovered in 1987), Upper Salym (discovered in 1966) and Vadelyp (discovered in 1989) fields. Licences for the development, awarded in 1998, are held by Salym Petroleum Development NV (SPD), a 50:50 joint venture between Shell and OAO NK Evikhon, a subsidiary of Sibir Energy. The potential is large; recoverable reserves amount to 153 million tonnes. The oilfields are expected to have a life of about 30 years.

This quarter will see the construction of a 90-kilometre, export oil pipeline linking the West Salym oilfield to the Transneft trunk pipeline system as 40% of production is destined for export. Drilling operations are also being stepped up with another two rigs being mobilized to increase scope.

The project will contribute significantly to the Russian economy. Besides the required taxes and royalties that SPD pays to the Russian authorities, the JV is also using predominantly Russian services for the project. Currently around 78% of SPD staff are Russian with the plan to be over 90% in the next couple of years. By the end of the project, well over 75% of the capital will have been expended on local equipment.

In working in Western Siberia, Chief Executive, Dale Rollins, feels that, the learning curve has been very steep and were climbing it rapidly there is no choice. Things you tend to take for granted for example hydrotesting a tank arent so simple when its minus 35 degrees. We have many experienced Russians working for us and were learning fast.

Sustainable development and contributing to the local community is a key part of the project. SPD has begun building a kindergarten for 210 children, renovated schools and donated equipment to schools and a local hospital. It is also looking to establish a micro-credit scheme and has other ideas to help local businesses.

For more information on Salym, see Shell in the CIS, Issue number 4, December 2004.


EA/27.01.05

Why has this dropped 3.5% today?????

MM's having a giraffe with this share, down 6p this morning pulled it back and the sp is 165p. Building up a large stockpile of shares expecting good news soon maybe.

Looking at Shells Proved reserves. Then Salym now accounts for 4% of their proved reserves portfolio.

This project is the only project of their current portfolio that has Total Green KPI's on all front's.

Don't be surprised at all of a Bid.

lansdownboy, (a good old irish hurling ground) You seem to be HURLING a takeover around but what makes you feel that there will be a bid on this one surely SIBIR would be better offer going on its own with the russian backing. I think that there will be some solid buying tommorrow especially after todays clawback from 6 pts down to 1 pt up 'not alot but better than a kick in teeth. Keep with the faith. You recent post suggest that you work in this field do you have the 'inside' on this one.

I have a living interest in the red and yellow badge operations area, I have friends working on the Salym project.

I don't think Sibir would have the backing to buy Shell out of this Project.

Shell is desperate to get Reserves up quickly and the quickest way is through Aquisitions.And with Sibir having around 400 Mln Barrels share of proved reserves in this operation(Russian Gov estimate 600 Mln including Deeper Salym that hasn't been explored yet)then it would be a good buy especially with how successfull the operation is going and the drilling results so far.Especially with Sibir Shares at current value compared to what the Asset Valuation is.

Evening lansdown, looks like we are having a private party, anyway up 7.5p at the time of writing another clawback toward the purchase price. Have a good weekend

Prediction for the week 'has anyone else got a view' Stirring up a bit of interest I suppose on this company Monday will be a solid buying day and probably a 10p+ (rising on the back of Shells results + Wall Street surge on Friday up 100pts+) then steady toward the week end. DYOR if there is anyone out there. N.B This is not ramping I bought at 2.36 (not in the afternoon) and am in long term until at least 2008. (Unless it hits 10 a share before hand)

Do you think that BP record profits will push SIBIR's price up today.

A day late on my prediction (sorry). Confidence in this share is returning something must be brewing. 3.5million shares bought - 1/4 million sold. Announcement soon, after all this is a company that produces results earlier than expected namely 1 year ahead of schedule

Sibir can plug some of the below stockpile once its infrastructure is functioning at 100%.

NEWS RELEASE 16.38hrs 9/2/2005

Oil futures bounce higher after larger than expected falls in US inventories
AFX


LONDON (AFX) - Oil futures bounced higher after the release of US inventory data which revealed falls in crude stockpiles as well as falls in gasoline supplies ahead of the peak demand season, analysts said.

At 4.10 pm, Brent crude futures for March delivery were up 68 cents at 43.75 usd/barrel.

Jitters over renewed market talk of OPEC cutting production if prices fall too rapidly have caused dealers to trade in higher volumes in the next front month.

April-dated Brent contracts were up 69 cents at 44.05.

Meanwhile US benchmark March-dated contracts were up 63 cents at 46.03 usd/barrel, and April dated contracts were up 54 cents at 46.60.

The Department of Energy reported crude stockpiles had fallen 1 mln barrels for the week ending Feb 4.

The American Petroleum Institute however reported an even greater fall of 4.2 mln barrels.

The DoE said gasoline stocks were up 500,000 barrels, however the API measured a large fall of 4.2 mln barrels.

Distillate inventories were down 3 mln barrels, according to the DoE data, and the API measured a larger fall of 4.2 mln barrels.

'The DoE results were not a big surprise, as the market had anticipated falls in stockpiles which are usual for this time of year, but the API falls were much greater, so the market is erring on the side of caution,' said National Futures analyst John Person.

The results, particularly the gasoline numbers, give rise to concerns that stocks are not adequately building ahead of the peak consumption period during the summer.

'But there are a few more weeks for inventories to get there, the DoE's weren't too bad, but the API's threw salt into the wound, and so for the time being there is still an energy crunch,' Person added.

raki.kotak@afxnews.com

rak/cmr

Good Rise Today,

Trying to find out why

Anyone Ideas?

I love the look of this .

Should get to its true asset value of over 300p at this rate