Sibir Energy says that Mr Stuard Detmer has been confirmed as the Chief Executive Officer of Sibir. His experience in a senior management role within the Company since 2003 will ensure effective management continuity for the Company.

On 25 February 2009 had appointed the solicitors, Jones Day, and the accountants, Ernst & Young, to carry out an investigation into various actual and proposed transactions with Mr Tchigirinski and interests controlled by him in 2008. The Company has received an interim report in relation to the investigation, a copy of which has been delivered to the Financial Services Authority and to AIM.

Although the investigation by the Company is ongoing, the principal conclusions of the interim report are set out in the Appendix to this announcement and the Company reconfirms the sum of approximately $400 million as the total amount of money currently estimated to have been diverted from the Company.

Tags: Sibir Energy