Year-end report 2017
January - December 2017
- Total revenue: SEK 43 (27) million
- Operating result: SEK -2 (-14) million
- Result from equity investment SEK 7 (8) million
- Net income SEK 6 (-3) million
- Earnings per share: SEK 0.19 (-0.09)
July - December 2017
- Revenue: SEK 22 (16) million
- Operating result: SEK 0 (-3) million including
- Result from equity investment SEK 1 (0) million
- Net income SEK 2 (2) million
- Earnings per share: SEK 0.06 (0.06)
Statement from CEO
I am pleased to update you on the 2017 results. Thanks to the combination of good operational achievements and favourable market conditions we have almost doubled our revenues and improved the operating result by seven times compared to the previous period.
We have been focusing on operations with the constant efforts to stabilise and increase production, reduce operating costs and overheads and improve our oil sales. Thanks to pressure maintenance system and pump optimization we managed to increase production in Bashkiria and successfully completed the six-well drilling campaign in Komi achieving target production levels. We are planning to continue our fraccing campaign in both regions and will update you in due course.
In addition we continuously look at the opportunities to increase shareholder value and improve share liquidity.
I am looking forward to provide you with more details on the work in progress and future plans at the Annual General Meeting in June 2018.
Pavel Tetyakov, CEO
Annual General Meeting and dividend
The annual general meeting will be held on 28 June 2018 in Stockholm. The Board proposes that no dividend is paid for the financial year 2017.
Upcoming financial reporting
Annual report 2017, May 2018
Annual General Meeting 2018, 28 June 2018
For the complete Year End Report, see attached document.
Stockholm, 29 March 2018
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
SE-111 48 Stockholm
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. The Petrosibir share is traded on the OTC-list at beQuoted starting from 17 February 2016 under the symbol PSIB-B.