Interim report Q2 2020
January - June 2020
- Total revenue: SEK 20 (28) million
- Operating result: SEK 0 (2) million
- Impairment of Ripiano SEK -31 million (0)
- Net income: SEK -30 (2) million
- Earnings per share: SEK -1.01 (0.07)
Statement from CEO
The first half of 2020 was definitely the most difficult time for many years. Nevertheless, I am pleased to announce that in spite of some hits Petrosibir has survived, is stable and set for development. I am glad to inform you that none of the employees of the group have so far tested positive for COVID-19 and we are continuing to monitor the situation.
As you all know, the drop in oil prices in March 2020 badly hit oil companies around the globe and Petrosibir was not an exception. At a point in time in April the prices were 3-7 times lower than in February. In spite of such severe conditions we managed to minimise losses by optimising oil sales and cutting costs where possible, and as a result finished the first half 2020 with a slightly positive operating result.
Unfortunately, the situation on the oil market affected the completion of negotiations on the potential sale of some of our assets, and our current focus is 100% on operations. At the same time, we have managed to come to a preliminary agreement with a potential investor to jointly explore and develop the Suyanovskoye licence in Bashkiria, a very promising exploration block adjacent to our producing asset. Once the deal is completed the new JV will launch an exploration drilling campaign targeting the two best prospects. This could potentially become a new stage in the life of Petrosibir.
Pavel Tetyakov, CEO
For the complete Report, see attached document.
This information was released for publication on 28 August 2020 at 14:00 CET.
For more information, please contact:
Pavel Tetyakov, CEO, +46 8 407 1850
Gunnar Danielsson, deputy CEO and CFO, +46 70 738 0585
Swedish corporate identity number: 556468-1491
P.O. Box 5216
SE-102 45 Stockholm
Nybrogatan Business Center
Nybrogatan 34, 1st floor
Tel: +46 8 407 18 50
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 under the symbol PSIB-B.