Year-end report 2018

January - December 2018

  • Total revenue: SEK 63 (43) million
  • Operating result: SEK 2 (-2) million
  • Operating result excluding write down: 9 (-2) million
  • Result from equity investment SEK 8 (7) million
  • Net income SEK 11 (6) million
  • Earnings per share: SEK 0.35 (0.19)

July - December 2018

  • Revenue: SEK 31 (22) million
  • Operating result: SEK -3 (0) million
  • Operating result excluding write down: 5 (0) million
  • Result from equity investment SEK 1 (1) million
  • Net income SEK 0 (2) million
  • Earnings per share: SEK -0.01 (0.06)

Statement from CEO

Dear Shareholders,

I am pleased to announce the year-end results for 2018. Thanks to the combination of market factors and our team's constant focus on operational efficiency the company continues to generate good results. In addition, there has been various operational improvements and stable production in Bashkiria in 2018. We discovered a new oil field on Aysky and just had our reserves approved by the State Reserves Committee - 7.3 million barrels of C1+C2 reserves (recoverable). Once all regulatory paperwork is in place we will start producing oil from the new Aysky field that will help us to compensate the natural decline we have observed in the Ayazovskoye field lately. In Komi, in spite of the successful drilling and fraccing campaign, we have encountered a number of issues and are now working on solutions. At the same time we constantly work on various options to maximise and unveil the shareholder value.

Pavel Tetyakov, CEO

Annual General Meeting and dividend

The annual general meeting is planned to be held on 30 May 2019  in Stockholm. The Board proposes that no dividend is paid for the financial year 2018.

Upcoming financial reporting

Annual report 2018, April 2019
Annual General Meeting 2019, 30 May 2019

For the complete Report, see attached document.

Stockholm, 28 February 2019

This information was released for publication on 28 February 2019.

For more information, please contact:

Pavel Tetyakov, CEO, +46 8 407 1850
Gunnar Danielsson, deputy CEO and CFO, +46 70 738 0585
www.petrosibir.com 

About Petrosibir

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.

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