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2017-02-06

Petrosibir: Information on well #9

INFORMATION ON WELL #9

Petrosibir has earlier reported the preliminary results from the drilling of the new well #9. The drilling was completed in October at a final depth of 2,596 meters and oil was found. Different horizons were tested and a high quality of the reservoir was confirmed, however with low flow rates from test production. Following further analysis and tests the Orlovsky horizon in well #9 was put into production with initial flow rates of approximately 30 bbl per day.

The current production levels are lower than expected. Petrosibir is considering different measures to increase the production including fracking the well. The timing of these efforts has not yet been determined. Negotiations with subcontractors are in progress.

Stockholm, 6 February 2017

For more information, please contact:
Nikolay Millionshchikov, CEO, +46 8 407 1850
Gunnar Danielsson, deputy CEO and CFO, +46 70 738 0585
www.petrosibir.com http://www.petrosibir.com

The following documents can be retrieved from beQuoted
Petrosibir Pressrelease 2017-02-06 English.pdf - http://www.bequoted.com/beQPress/download.asp?Id=19429

About Petrosibir
Petrosibir is a Swedish company focused on exploring and developing concessions in Russia. The company holds licenses in the Russian republics of Bashkiria and Komi. Petrosibirs 2P oil and gas reserves amount to 35 million barrels of oil equivalent. The Petrosibir share is traded on the OTC-list at beQuoted under the symbol PSIB-B.

This is an English translation of the Swedish original. In case of discrepancies, the Swedish original shall prevail.

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