Statpro
| 286p | -14 | Vol: 0 |
Sibir’s History
Sibir Energy plc was formed in 1996 to look for opportunities to invest in the former Soviet Union, particularly in Russia.
The founders had for some time recognised the attractions of Russia's huge oil and gas reserves, and their availability at prices considerably below the valuations of comparable reserves elsewhere in the world. Today, Sibir is celebrating 10 years of successfully doing business in Russia and the future has never looked brighter.
| Timeline | |
|---|---|
| 1996 |
Company incorporation Sibir acquires 20% interest in a Russian oil and gas producer Evikhon, the owner of a 50% share of a joint venture between Evikhon and Shell Salym Development N.V. created to develop the Salym oil fields, and a 24% shareholding in a Russian oil and gas producer Yugraneft which had interests, inter alia, in three oil fields (South Priobskoye, Palyanovskoye and South East Kamennoye). |
| 1997 |
Sibir Energy ordinary shares admitted to the Alternative Investment Market (AIM) of the London Stock Exchange Management relocates permanently to Moscow Acquires 26% of Yugraneft |
| 1998 |
Acquires 100% of its parent company, Pentex, thus adding cash generating production from UK assets and bringing needed technology and skills |
| 1999 |
Initiates discussions with Moscow Oil Company to set up downstream joint venture Acquires 100% of EuroSov Energy plc, the owner of Magma Oil Co. (Yuzhnoye oil field) |
| 2000 |
Increases holdings in Evikhon to 82% and Yugraneft to 93.9% respectively. As a result of these transactions, Bennfield becomes controlling shareholder of Sibir with 51% of shares outstanding Announces agreement with Sibneft to develop the Yugraneft oil fields via Sibneft Yugra JV |
| 2001 |
Brings holdings in Yugraneft to over 99% Sibir and Moscow Government agree to set up integrated Moscow Oil and Gas Company |
| 2002 |
Spins off all UK assets to focus solely on Russia |
| 2003 |
Announces that subsidiary Evikhon has signed JV agreement with Shell for $1 billion development of Salym fields Moscow Oil and Gas company formally incorporated with Sibir owning 45% share |
| 2004 |
Discovery of dilution of Yugraneft's share in Sibneft-Yugra JV |
| 2005 |
Brings shareholding in Evikhon to 100% Agrees to acquire 25% share in BP retail network from ST Oil Salym launches commercial production |
| 2006 |
Raises $580 million in equity placing. Production at Salym exceeds 50,000 bopd Completes aquisition of 25% share in BP retail network Russian shareholder, Bennfield, raises stake in Sibir to 57% |
| 2007 |
Production at Salym exceeds 128,000 bopd Announces acquisition of Koltogorsky Blocks - 520,000 acres of exploration with 970 million barrels of resources in Western Siberia Acquires 69% stake in the downstream JV company Moscow Oil and Gas Company (MOGC) from the City of Moscow bringing Sibir's stake in the JV to 100%. City of Moscow becomes a shareholder in Sibir as a result of MOGC transaction. |