OREANDA-NEWS. July 27, 2007. An article appeared in today's edition of Vedemosti which is entirely incorrect and Sibir wishes to clarify the position for the benefit of investors.

The article stated that two companies associated with Chalva Tchigirinsky - Sibir's major shareholder - have had exploration rights revoked by the Ministry of Nature. It referred to "two exploration licences owned by OOO Zauralneftegaz, a joint company of Chalva Tchigirinsky's property company Siberian Energy and British Baltic Petroleum".

Mr Tchigirinsky has no interest in any of these companies. Siberian Energy has no connection with Sibir.

The newspaper has acknowledged that the article is incorrect and has apologised to Mr Tchigirinsky.