Interim Report Q2 2018
January - June 2018
- Total revenue: SEK 32 (20) million
- Operating result: SEK 4 (-2) million
- Result from equity investment SEK 7 (6)
- Net result: SEK 11 (4) million
- Earnings per share: SEK 0.36 (0.12)
Statement from CEO
I am pleased to announce results for the first half of 2018. The Company's focus on operations is continuing to yield encouraging results. Our team's constant efforts combined with favourable market conditions resulted in higher revenues and growing positive cash flow. The drilling and fraccing campaign in Komi added approximately 1,000 bopd in line with the targets, the active management of the existing wells in Bashkiria has helped us to slow down the natural production decline. We have just fracced two more wells in the Ayzovskoye field and will announce the results after the wells clean up and stabilise. The efforts to enhance production and profitability in both regions will be continued along with exploring M&A opportunities that will help to increase the shareholder value.
Pavel Tetyakov, CEO
For the complete Report, see attached document.
For more information, please contact:
Pavel Tetyakov, CEO, +46 8 407 1850
Gunnar Danielsson, deputy CEO and CFO, +46 70 738 0585
Petrosibir is a Swedish company focused on exploring and developing concessions in Russia. Petrosibir's Ukrainian operations have been distributed to its shareholders. The company holds licences in the Russian republics of Bashkiria and Komi. Petrosibir's 2P oil and gas reserves amount to 35 million barrels of oil equivalent. Petrosibir shares are traded on the OTC-list at beQuoted starting from 17 February 2016 under the symbol PSIB-B.