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| 286p | -14 | Vol: 0 |
Market Cap £ 1,105.58 m
11 | 02 | 2008
Response to Announcement of Ministry of Natural Resources
Sibir responds to an announcement made earlier today by the Russian Ministry of Natural Resources’ Federal Service for the Supervision of Natural Resource Usage (“Rosprirodnadzor”) regarding the operations of Sibir subsidiary, OAO Magma (“Magma”), the operator of the Yuzhnoye oil field in the Khanty-Mansiysk Autonomous District in western Siberia. In its announcement Rosprirodnadzor indicates that it has requested the license termination committee of the Russian Federal Agency for Subsoil Usage (“Rosnedr”) to review the results of a Rosprirodnadzor audit of Magma’s operations at the Yuzhnoye oil field.
On November 16, 2007 Magma received a letter providing notice that Rosprirodnadzor would initiate an audit on November 28th, 2007. Magma cooperated fully with Rosprirodnadzor in the preparation of this audit. Rosprirodnadzor submitted their initial findings to Magma on December 17th, 2007 and opened administrative proceedings on the matter.
On January 16th, 2008 Magma was further informed by the Roprirodnadzor that it was extending the period of its inspection until February 18th, 2008 while at the same time asking Magma officials to attend a meeting with Rosprirodnadzor officials on February 14th, 2008 to review their findings and anticipated actions.
Commenting on the announcement Sibir CEO, Henry Cameron, said, “Sibir, through its operating subsidiary, Magma, has cooperated fully with Rosprirodnadzor in a routine audit of its operations at the Yuzhnoye Oil field in western Siberia and we have responded in detail to the initial findings of the Rosprirodnadzor audit. Magma has successfully operated the Yuzhnoye oilfield for over 15 years in compliance with license obligations. Should the recent audit reveal any irregularity requiring remedial action this will be dealt with forthwith so that the administrative proceedings can be brought to a satisfactory conclusion.”