Anglo Siberian wins reprieve for Vankor deal
French giant Total Fina Elf remains keen on a farm-in deal with tiddler Anglo

Anglo Siberian, an oil explorer focused on Russia, has won extra time from French giant Total Fina Elf to iron out legal technicalities hampering the oil major’s farm-in to Anglo’s massive Vankor oil project. It shares jumped 22% to 56p.

Problems with the deal arose when companies associated Soyuzneftegas Invest, a private Russian concern, recently claimed the right to pre-empt the Total Fina Elf farm-in. Soyuzneftegas, claims to have purchased a 17% interest in a vehicle owned by Yeniseyneft, Anglo’s joint venture partner for the Vankor project. Soyuzneftegas claims that as a result it has become a 'participant' (shareholder) of that company.

Anglo is disputing Soyuzneftegas claims and demands. Court proceedings are now under way in the Krasnoyarsk Arbitration Court, East Siberia.

Legal actions launched by Soyuzneftegas have delayed completion of the Vankor sale and purchase agreement between Anglo Siberian and Total Fina Elf. Anglo Siberian said today it has requested and obtained from Total Fina a one year extension of the deadline for completion of the deal.

Robert Kennedy, chief executive of Anglo Siberian, said: ‘We welcome Total Fina’s commitment to joining the Vankor project and we are doing all that we can to complete their farm in as expeditiously as possible.'

In May 2002, Anglo Siberian and TotalFinaElf entered into a legally binding
sale and purchase agreement governing Anglo Siberian's 59% interest in a joint venture with Yeniseyneft. This joint venture company holds the Vankor licence.

The licence area is located in the Turukhansk District of Krasnoyarsk Kray in East Siberia. It covers the Vankor field and surrounding area, a total of 1,625 sq. km.

The Vankor field has officially estimated recoverable oil reserves of 906 million barrels. There is upside potential on the licence.

Under the Sale and Purchase Agreement, TotalFinaElf will acquire 52% of Anglo
Siberian's current 59% interest in Yeniseyneft LLC, leaving Anglo Siberian with
7%. TotalFinaElf will carry this 7% interest through appraisal and 5% of this
interest also through development.

TotalFinaElf will also make initial payments to Anglo Siberian of $7 million and further planned cash payments totalling approximately $20 million dependent on progress with the project. These payments are only repayable from future Vankor oil and gas production.

Rosneft Investments Limited
04 April 2003


4 April 2003


Not for release, publication or distribution in, into or from Canada, Australia
or Japan.


ROSNEFT INVESTMENTS ANNOUNCES A CASH OFFER FOR ANGLO SIBERIAN - PART I


Cash offer by Hoare Govett Limited on behalf of Rosneft Investments Limited, a
wholly owned Jersey subsidiary of OJSC Oil Company Rosneft, for Anglo Siberian
Oil Company plc.


Summary



* Rosneft Investments announces today the terms of a cash offer, to be made
by Hoare Govett on behalf of Rosneft Investments, for the entire issued and to
be issued share capital of Anglo Siberian. Rosneft Investments is a wholly
owned subsidiary of Rosneft.



The Offer



* The Offer price will be 100 pence for an Anglo Siberian Share, valuing
the existing issued share capital of Anglo Siberian at approximately 46.3
million.



* The Offer represents a premium of 100 per cent. over the Closing Price of
50 pence for an Anglo Siberian Share on 2 April 2003, the last dealing day prior
to the announcement by Rosneft Investments that it was considering making an
offer.



* Rosneft Investments has received an irrevocable undertaking and letters
of intent to accept the Offer in respect of a total of 19,036,400 Anglo Siberian
Shares, representing approximately 41.1 per cent. of the current issued share
capital of Anglo Siberian.



These comprise:


- 29.9 per cent. of the current issued share capital the subject of an
irrevocable undertaking from the major shareholder, Lynminster Limited.


- 11.2 per cent. of the current issued share capital the subject of
letters of intent from institutional shareholders.



Reasons for Shareholders to accept


* The Offer represents a compelling price for Anglo Siberian Shareholders:

- realisation of 100 pence in cash - a 100 per cent. premium over the
Closing Price of 50 pence for an Anglo Siberian Share on 2 April 2003; and



- creates certain value now by providing Anglo Siberian Shareholders with a
full cash exit for their existing holdings.



Sergei Bogdanchikov, Chairman of the Rosneft Management Board, commented:


'We believe this offer gives Anglo Siberian shareholders immediate certainty in
an otherwise uncertain situation. The significant premium represents more than
fair value for any potential upside in Anglo Siberian's asset base, given the
Group's lack of progress to date in exploiting its assets. The high level of
support received to date reflects the generosity of our offer.



This proposed acquisition is in line with our strategy of building a quality
reserve base in Russia and the CIS. With our track record and scale of
operations, we are well positioned to exploit fully the value of Anglo
Siberian's asset base in Russia.'



This summary should be read in conjunction with the full text of the following
announcement.