08 | 05 | 2008

Update on move from AIM to the Official List

As part of its agreement with the City of Moscow and as previously announced, Sibir undertook, on a best endeavours basis, to seek admission of its shares to the Official List of the London Stock Exchange by 30 June 2008.  Whilst significant efforts have been made, and are continuing to be made, to achieve this move, the Board has found it necessary to adopted a revised timetable to enable the Company to complete a corporate restructuring to facilitate dividend streams, deal with the complicated integration of the Moscow Oil and Gas Company (MOGC) acquisition, complete the harmonisation of affairs at the Moscow Refinery with Gazpromneft and pursue other opportunities that have arisen, although these opportunities may or may not come to fruition.   The deferred timetable envisages application to the Official List either at the end of the second half of 2008 or in the first half of 2009.

 

Further updates will be made in due course.

 

Commenting on this announcement Henry Cameron, CEO of Sibir, said:  “Sibir remains fully committed to moving from AIM to the Official List of the London Stock Exchange and today’s announcement reflects only a delay in the planned move.”