Moscow. January 24, 2005. Sibneft today announced a change in the number of local common shares that corresponds to each of the company’s American Depository Receipts (ADRs).

As of today, Sibneft ADRs will be equal to five of the company’s common shares, as opposed to ten common shares previously. The total number of traded ADRs will therefore double, and current ADR holders will receive one additional ADR for each one they now hold.

The change is designed to increase the liquidity of Sibneft shares traded on overseas markets.

Sibneft’s level-one ADRs presently trade on the Frankfurt and Berlin stock exchanges. Its local shares trade on the RTS and MICEX exchanges under ticker symbol SIBN.

Contact:

John Mann
Sibneft
Tel: +7 (095) 777-3116, 777-3182
Fax: +7 (095) 777-3114
JohnM@sibneft.ru
www.sibneft.com