Sibir Energy plcSibir Energy plc

Corporate Overview

October, 2006

DISCLAIMERDISCLAIMER

The information being presented to you and any documents made available to you at this presentation (together the The information being presented to you and any documents made available to you at this presentation (together the "Presentation""Presentation") is ) is confidential and is being presented (a) in the United Kingdom only to persons with professional experience in matters relating to investments confidential and is being presented (a) in the United Kingdom only to persons with professional experience in matters relating to investments and/or to certified high net worth companies as described in Articles 19 and 49 respectively of the Financial Services and Markets Act 2000 and/or to certified high net worth companies as described in Articles 19 and 49 respectively of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI. 2005/No. 1529), and (b) in the United States to persons reasonably believed to be "qualified (Financial Promotion) Order 2005 (SI. 2005/No. 1529), and (b) in the United States to persons reasonably believed to be "qualified institutional buyers" (institutional buyers" ("QIBs""QIBs") (as defined in Rule 144A () (as defined in Rule 144A ("Rule 144A""Rule 144A") under the US Securities Act of 1933, as amended (the ") under the US Securities Act of 1933, as amended (the "Securities Securities ActAct")). ")).

Accordingly, information contained in the Presentation is being supplied to you solely for your information and may not be copied, reproduced Accordingly, information contained in the Presentation is being supplied to you solely for your information and may not be copied, reproduced or further distributed to any person or published in whole or in part, for any purpose. In particular, the distribution of this Presentation in or further distributed to any person or published in whole or in part, for any purpose. In particular, the distribution of this Presentation in jurisdictions other than the United Kingdom and the United States may be restricted by law. This Presentation is not for distribution in jurisdictions other than the United Kingdom and the United States may be restricted by law. This Presentation is not for distribution in Australia, Canada and Japan.Australia, Canada and Japan.

No representation or warranty, express or implied, is given as to the accuracy of the information or opinions contained in the Presentation and No representation or warranty, express or implied, is given as to the accuracy of the information or opinions contained in the Presentation and no liability is accepted for any such information or opinions by Sibir Energy plc (the no liability is accepted for any such information or opinions by Sibir Energy plc (the "Company""Company" and, together with its subsidiary and, together with its subsidiary undertakings, the undertakings, the "Group""Group"), or JPMorgan Cazenove Limited or other advisers to the Group or any of their respective directors, members, ), or JPMorgan Cazenove Limited or other advisers to the Group or any of their respective directors, members, officers, employees, agents or advisers. Notwithstanding this, nothing in this paragraph shall exclude liability for any representation or officers, employees, agents or advisers. Notwithstanding this, nothing in this paragraph shall exclude liability for any representation or warranty made fraudulently.warranty made fraudulently.

This Presentation does not form any part of an offer of, or invitation to apply for, securities. This Presentation does not form any part of an offer of, or invitation to apply for, securities.

This Presentation includes "forward-looking statements" which include, without limitation, those regarding the Group's financial position, This Presentation includes "forward-looking statements" which include, without limitation, those regarding the Group's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Group), and any statements preceded by, followed by or that include forward-looking terminology such as the words "targets", "believes", Group), and any statements preceded by, followed by or that include forward-looking terminology such as the words "targets", "believes", "estimates", "expects", "aims", "intends", "will", "can", "may", "anticipates", "would", "should", "could" or similar expressions or the negative "estimates", "expects", "aims", "intends", "will", "can", "may", "anticipates", "would", "should", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Group's thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Group's control that could cause the actual results, performance or achievements of the Group to be materially different from future results, control that could cause the actual results, performance or achievements of the Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group will operate in numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group will operate in the future. These forward-looking statements speak only as at the date of this Presentation. The Group expressly disclaims any obligation or the future. These forward-looking statements speak only as at the date of this Presentation. The Group expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in the Presentation to reflect any change in undertaking to disseminate any updates or revisions to any forward-looking statements contained in the Presentation to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

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SIBIR – FOCUS ON RUSSIA

WESTERN TRANSPARENCEY…INTEGRATED PLAYWESTERN TRANSPARENCEY…INTEGRATED PLAY

First Mover in RussiaFirst Mover in Russia World-Class Asset BaseWorld-Class Asset Base Western Transparency with Western Transparency with

Russian ContentRussian Content Proven Track RecordProven Track Record Strong Balance SheetStrong Balance Sheet Poised for GrowthPoised for Growth

3

SIBIR: INTEGRATED FROM WELLHEAD TO WHEEL

EXPLORATION&

PRODUCTION

REFINING&

WHOLESALE

RETAILNETWORK

4

Salym Group of Fields

Yuzhnoye

Orekhovskoye

Moscow Oil Refinery MTK Network

Mosnefteprodukt

BP Network

SIBIR’S PORTFOLIO

5* Sibir trades it’s 45% interest in the Moscow Refinery tolling operation

** 38% of charter capital; 51% of ordinary shares; 50% of tolling rights (economic interest).

SIBIR ENERGY

Moscow Oil and Gas Company

EVIKHON

MNPRetail

Moscow Oil

Refinery

BPRetail

MTKRetail

MAGMASPD

50%

100% 31%*

38%*38%** 100% 12.5%95% 25%

Holdings

Upstream Units

Downstream Units

UPSTREAM DOWNSTREAM

Reserves: 1.1 bln bbls

Production: 50 tbd

Reserves: 87 mln bbls

Production: 7 tbd

Capacity: 240 tbd 73 stations

1 product terminal

66 stations

15 product terminals

47 stations

SIBIR ASSETS IN WESTERN SIBERIA

6

SalymFields

Salym Village

Nefteyugansk Base Camp

Magma

Yuzhnoye

Moscow

SALYM FIELDS

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SALYM: A WORLD CLASS ASSET

SIBIR shareSIBIR share 20052005 2006E2006E 2007E2007E 2008E2008E

Production (mm Production (mm bbls)bbls)

0.80.8 8.08.0 17.517.5 25.025.0

Production rate Production rate (TBD)(TBD)

2.12.1 21.921.9 47.947.9 68.568.5

Capex ($m)Capex ($m) 138.1138.1 167.0167.0 145.0145.0 90.090.0

Opex ($/bbl)Opex ($/bbl) 23.923.9 6.696.69 3.403.40 2.342.34

• 926 mm bbls Scope for Recovery reserves

• 50/50 SPD joint venture operated by Shell

• Production launched November 2005

• Today’s production over 50 TBD

• $1.5 bn development program

• Peak production 180 TBD by 2009

• 40/60 Export vs Domestic

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SALYM FIELDS

Significant Reserves UpsideSignificant Reserves Upside Improved recovery factorsImproved recovery factors Achimov layer evaluationAchimov layer evaluation

Operational ExcellenceOperational Excellence Best-in-Class Drilling TeamBest-in-Class Drilling Team Highly deviated wells - 80+ Highly deviated wells - 80+

degreesdegrees Gas power plant by YE 2007Gas power plant by YE 2007

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MAGMA: A STEADY PERFORMER

SIBIR shareSIBIR share 20052005 2006E2006E 2007E2007E

Production (mmbbl)Production (mmbbl) 2.32.3 2.42.4 2.62.6

Production rate (TBD)Production rate (TBD) 6.36.3 6.66.6 7.07.0

Capex ($m)Capex ($m) 8.58.5 16.316.3 8.88.8

Opex ($/bbl)Opex ($/bbl) 3.53.5 3.43.4 4.04.0

• Acquired for $17 mm in 1999

• Recoverable reserves 80.6 mmbbl

• Production rate 7.0 TBD

• $25 mm EBITDA in 2005

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SIBIR: EQUITY PRODUCTION RATE FORECAST

7 7 7 7

22

48

69

90 87

6 720

20

40

60

80

100

120

2005 2006E 2007E 2008E 2009E 2010E

Salym

Magma

TB

D

11

8

29

55

76

9794

SIBIR: NET PROFIT PER BARREL

8,32

2,632,353,00

10,22

3,37

23,81

6,30

MET

Depreciation

Profit Tax

Opex

Transneft

Export Duty

Net Profit

Brent to Urals Discount*

Export - $ per barrel Domestic - $ per barrel

Bre

nt

at

$6

0/b

bl

12

8,32

2,632,353,00

10,22

33,48

MET

Depreciation

Profit Tax

Opex

Net Profit

DomesticPrice Discount**

Net

Pro

fit$

8.32

Ope

ratin

g N

etba

ck$

13.3

0Gro

ss N

etba

ck$

26.5

2

Net

Pro

fit$

8.32

Ope

ratin

g N

etba

ck$

13.3

0

Gro

ss N

etba

ck$

26.5

2

* Brent vs Urals quality difference + European Freight cost

** At high oil prices domestic and export Gross Netbacks are harmonised, therefore the domestic discount simply reflects the export-related expenses

SIBIR: REFINING & TRADING

Moscow RefineryMoscow Refinery

• Key asset in MOGC Joint VentureKey asset in MOGC Joint Venture

• Cost center / Tolling operationCost center / Tolling operation

• Total operation: 200 TBDTotal operation: 200 TBD

Sibir share: 45 TBDSibir share: 45 TBD

• Processing costs: $2.2/bblProcessing costs: $2.2/bbl

• Upgrade in planning stagesUpgrade in planning stages

• Fastest growing market in EuropeFastest growing market in Europe

25%

30%

31%

14%

Gasoline Diesel Heating oil Other 13

20042004 20052005 2006 2006 1H1H

Volume (mm bbls)Volume (mm bbls) 9.99.9 14.714.7 7.27.2

Margin ($/bbl)Margin ($/bbl) 3.13.1 3.653.65 4.04.0

Gross margin total Gross margin total ($m)($m)

30.130.1 53.653.6 29.029.0

Processing & Trading ResultsMoscow Refinery Products Slate

SIBIR: DOWNSTREAM RETAIL

Moscow Fuel CompanyMoscow Fuel Company (MTK) (MTK)• 73 MTK branded COCO stations in Moscow73 MTK branded COCO stations in Moscow• 2005 sale volume 395 mm ltrs2005 sale volume 395 mm ltrs• New retail pilot projectsNew retail pilot projects

Mostnefteprodukt Mostnefteprodukt (MNP)(MNP)• 64 Nefto branded stations in the Moscow 64 Nefto branded stations in the Moscow

region.region.• 15 oil distribution terminals in the Moscow 15 oil distribution terminals in the Moscow

regionregion• 2005 sales volume 94 mm ltrs2005 sales volume 94 mm ltrs

BP RetailBP Retail• 46 BP branded COCO stations w/ shop, fast 46 BP branded COCO stations w/ shop, fast

food, and car wash/shop stationsfood, and car wash/shop stations• Right to supply 50% of product volumeRight to supply 50% of product volume• 2005 sales volume 630 mm ltrs2005 sales volume 630 mm ltrs

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SIBIR: POISED FOR GROWTH

Corporate Objectives

• Ramp up production at Salym

• Secure new exploration acreage

• Increase stake in MOGC

• Launch refinery upgrade program

• Move to Main Board in 2007-2008

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