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Sibneft Replaced Reserves in 2003

Moscow, July 16, 2004. Sibneft’s proved oil and gas reserves grew to 4.779 billion barrels of oil equivalent on January 1, 2004 from 4.718 billion b.o.e. the previous year, according to a reserve audit recently completed by U.S. firm Miller & Lents to specifications set by the Society of Petroleum Engineers (SPE).

Sibneft’s proved SPE oil reserves at the beginning of the year stood at 4.623 billion barrels, compared to 4.575 billion barrels on January 1, 2003. Gas reserves rose from 859.5 billion cubic feet to 938.1 Bcf.

“Sibneft’s effective investment program for 2003 allowed us to replace reserves while substantially boosting production,” said Sibneft president Eugene Shvidler.

A parallel audit by Miller & Lents to U.S. Securities & Exchange Commission (SEC) specifications showed more pronounced growth, with total proved oil and gas reserves growing to 2.453 billion b.o.e. from 2.197 billion the previous year. Total SEC reserves include proved oil reserves of 2.368 billion barrels and gas reserves of 512.6 Bcf.

The growth in SEC figures reflects, among other factors, Sibneft’s work to extend the validity of licenses for several of its fields, which is accounted for under the SEC methodology. Licenses for the Sugmut, Zapadno-Noyabrskoe, and Sredne-Iturskoe fields, all set to expire in 2013-2014, have been extended through 2050.