Interim report for the quarter and the nine months ended September 30, 2005

• Revenues increased by 308% to MUSD 24.9 for the quarter and by 288% to MUSD 46.1 for the nine months ended September 30, 2005. • EBITDA amounted to MUSD 9.7 (MUSD 2.0) for the quarter and to MUSD 17.1 (MUSD 2.1) for the nine months. • The result before tax and minority interest improved to MUSD 5.8 (MUSD 1.1) for the quarter and to MUSD 8.3 (MUSD 0.5) for the nine months period. The quarterly net result amounted to MUSD 4.8 (MUSD 0.8) and the nine months net result amounted to MUSD 7.4 (loss MUSD 0.2). • Earnings per share amounted to USD 0.01 per share for the quarter (USD 0.00 per share) and to USD 0.01 for nine months period (USD 0.00 per share). • Oil production increased by 172% to 766,534 barrels for the quarter and by 186% to 1,701,869 barrels for the nine months. • Significant oil reserves and production were added in the Timano-Pechora region of Russia *Comparisons reflect the quarter and the nine months ended September 30, 2004 For further information: Maxim Barski, Managing Director, telephone +7-095 723 0718 Eric Forss, Chairman of the Board, telephone +46-8-613 00 85