RNS Number:0478U
Sibir Energy PLC
09 January 2004



For immediate release

9 January 2004

                  SIBIR ENERGY PLC ("Sibir" or "the Company")

                            Conversion of Securities

Sibir announces that following the receipt of a conversion notice, one fifth of
a 15 per cent. Convertible Secured Loan Notes 2002 (extended as 11 per cent.
Convertible Loan Notes 2004) of #1,000 each have been converted into 1,487
ordinary shares of 10p each in the Company ("Ordinary Shares"). Accordingly,
application has been made for 1,487 new Ordinary Shares to be admitted to
trading on AIM. Admission is expected to occur on 16 January 2004.

Following admission, the issued share capital of the Company will be
1,746,539,317 Ordinary Shares.

Contacts:

Sibir Energy plc
Andrew Harrison
Company Secretary
(020) 7235 3166

Strand Partners Limited
Rory Murphy
Director
(020) 7409 3494

(Further information on Sibir can be found on the Company's website:
www.sibirenergy.com)

END



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