Interim report January-June 2022

January - June 2022

• Total revenue: SEK 30 (30) million
• Operating result: SEK -262 (-6) million
• Operating result excluding write down: SEK -1 (3) million
• Net income: SEK -241 (-8) million
• Net income excluding write down: SEK -1 million (1)
• Earnings per share: SEK -8.1 (-0.3)

Statement from CEO

Dear Shareholders,

For the first time since I joined the Company in 2017 I have to tone down my optimism and acknowledge a great uncertainty that our Company is now facing. In spite of a very difficult environment we have managed to make some operational achievements such as successfully completing the seismic program, maintaining the operational efficiency, and reducing the impact of a highly volatile oil market on our cash flow, however, the sanctions war has become a major obstacle to the long-term success, and even survival of Petrosibir. 

Although the new seismic report identifies a few promising exploration targets and provides a much better understanding of the fields, substantially reducing the risks of drilling production wells, the EU sanctions have banned any investment in the Russian oil and gas sector, making it impossible for an uncertain period of time to raise any debt or equity financing to unveil the assets potential. This situation does not leave us many options but to divest the assets, if possible, or keep the business alive for as long as possible with the hope the situation improves.

Pavel Tetyakov, CEO

For the complete report, see the attached document

This information was released for publication on 12 September 2022 at 17:00 CET.

For more information, please contact:
Pavel Tetyakov, CEO, +46 8 407 1850

[email protected]

www.petrosibir.com

The following documents can be retrieved from beQuoted
Interim-report-January-June-2022 final.pdf

Petrosibir is a Swedish company focused on exploring and developing concessions in Russia. The company holds licences in the Russian republics of Bashkiria and Komi. Petrosibirs 2P oil and gas reserves amount to 33.6 million barrels of oil equivalent or 35.4 million barrels of ABC1+C2 Russian State Balance Reserves (similar to 2P reserves under SPE PRMS standards). The Petrosibir share is traded on the OTC-list at beQuoted starting from 17 February 2016 under the symbol PSIB-BThis is an English translation of the Swedish original. In case of discrepancies, the Swedish original shall prevail.

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