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Sibneft Acquires East Siberian Gas Field

Moscow. September 29, 2005. Sibneft has won an open subsurface resource auction for the Khotogo-Murbaiskiy block in Russia's Republic of Sakha (Yakutia). The Khotogo-Murbaiskiy block is a natural gas deposit with recoverable reserves (categories C1+C2) of 10.6 billion cubic meters (375 billion cubic feet). Sibneft will pay 8.8 million rubles (about $309,500) for the license.

The Khotogo-Murbaiskiy block is Sibneft's third in Eastern Siberia and the company's second in the Republic of Sakha following the purchase of the Tympuchikanskiy block in July. The acquisition is in line with Sibneft's policy of obtaining additional new licenses in this promising region in order to further expand the company's resource base.