SIBIR ENERGY plc

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18 | 06 | 2009

Directorate Changes

Sibir is pleased to announce the appointment to the Company's board of Messrs Vadim Yakovlev and Igor Tsibelman, both representatives of OAO Gazprom Neft ("Gazprom Neft"). Mr Tsibelman has been appointed to the position of Chief Executive Officer of the Company, replacing Stuard Detmer, and Mr Yakovlev will assume a role as non-executive director, both with immediate effect. Mr Detmer will remain on the Board as a non-executive director.

Mr Vadim Vladislavovich Yakovlev, aged 38, is Deputy Chairman of the Management Board and Chief Financial Officer of Gazprom Neft. Prior to working with Gazprom Neft, Mr Yakovlev held various management positions in finance and audit including Audit Manager with PricewaterhouseCoopers, Deputy Head of the Financial and Economic Department at CJSC YUKOS EP, Chief Financial Officer at JSC YuganskNeft'egaz (NK Yukos) and Chief Financial Officer of LLC SIBUR-Russian Tyres. Mr Yakovlev holds an MSc in Applied Nuclear Physics from the Moscow Engineering Physics Institute and an MSc in Finance from the International University in Moscow. He is a member of the Association of Chartered Certified Accountants (ACCA) and a Diploma and Certified Director by the Institute of Directors (IOD).

Prior to his appointment as CEO of Sibir, Mr Tsibelman, aged 41, was the Head of International Legal Affairs at Gazprom Neft in Moscow. Prior to joining Gazprom Neft, Mr Tsibelman worked as an attorney for White & Case LLP and Arent Fox PLLC in New York. Before becoming an attorney, Mr Tsibelman held a number of managerial positions and worked on a variety of commercial matters, including privatisation, corporate restructuring, construction and real estate development and international trade. Mr Tsibelman holds a BA/MA from the Moscow State Institute for International Relations (MGIMO) and a Juris Doctor from Georgetown University in Washington, DC. He is a member of the New York and Connecticut bars.

Open Joint Stock Company "Gazprom Neft" is currently interested in approximately 34 per cent. of the Company's entire issued share capital.

Stuard Detmer, Member of the Board and outgoing CEO of Sibir, today commented:

"The appointment of Messrs Yakovlev and Tsibelman is an important step in re-building the Sibir Board and establishing a high standard of corporate governance for the Company. As representatives of Gazprom Neft, Vadim and Igor not only bring their own extensive expertise in legal and financial matters, but also access to the industry expertise of the Gazprom Neft oil and gas organisation and the political support of a company owned by JSC Gazprom, one of the largest companies in the world. The Board of Sibir has worked closely with Vadim and Igor on the recent offer to Sibir's minority shareholders by Gazprom Neft and has found them to be executives of great professionalism and integrity. The Board is confident that they, and Gazprom Neft, will make significant and enduring contributions to the future success of Sibir."

Contacts:

Stuard Detmer, CEO, Sibir Energy plc
Moscow +7 (495) 790 78 30

Rory Murphy, Strand Partners Limited
London +44 (0) 20 7409 3494

Nick Miles, M: Communications
London +44 (0) 20 7153 1530

Additional Information on the new Director Appointments:

Mr Yakovlev is currently a director or partner of the following companies or partnerships:

OAO "Gazpromneft-Noyabrskneftegaz"
OOO "NK "Sibneft-Yugra"
OOO "Gazpromneft-Yamal"
OOO "Gazpromneft-NTC"
OAO "NK "Slavneft"
"Naftna Industrija Srbije" a.d. Novi Sad

Mr Yakovlev has held the following former directorships or partnerships within the past five years:

OAO "SN-MNG"
OAO "Tomskneft" VNK

Mr Tsibelman is currently the principal owner of the Law Offices of Igor M. Tsibelman.

Mr Tsibelman has held the following former directorship within the past five years:

BVS New York, Inc.

There is no further information required to be disclosed in accordance with Schedule Two paragraph (g) of the AIM Rules for Companies in relation to either Mr Yakovlev or Mr Tsibelman.