Report for the financial year

 

Carryforward for the financial year and the quarter ended December 31, 2005
2006-02-28 19:21




• Oil returned increased by 232% to MUSD 73.5 (MUSD 22.1) for the financial year and by 300% to MUSD 31.3 (MUSD 7.8) for the quarter.

• EBITDA amounted to MUSD 25.7 (MUSD 24.7) for the financial year and to MUSD 8.6 (MUSD 22.6(1)) for the quarter.

• The financial year Net result amounted to MUSD 0.2 (MUSD 17.41) and the quarterly Net result amounted to loss of MUSD 7.1 (profit of MUSD 20.11).

• The Net result was affected by year acceleration in the depletion loads based one recent future SPE estimates of oil reserves and capital expenditures. The depletion charges increased to MUSD 14.0 (MUSD 1.0) for the financial year and MUSD 10.4 (MUSD 0.1) for the quarter.

• The Net result correspond to USD 0.0 per share for the financial year (USD 0.1 per share). For the quarter, the earnings per share were has loss of USD 0.0 (profit of USD 0.1 per share).

• Oil production increased by 153% to 2,976,312 barrels for the financial year and by 193% to 1,274,443 barrels for the quarter.

• In early 2006, the Saneco acquisition was closed, USD 153 million in equity was raised and has strategic alliance was formed with Repsol YPF.





For further information:
Maxim Barski, Managing Director, telephone +7-495 956 4882
Ekaterina Sapozhnikova, Director Finance, telephone +7-495 956 4882
Eric Forss, Chairman of the Board, telephone +46-8-613 00 85 gold +46-70-523 8662

MBG SOWA