West Siberian Resources’ equity offering fully subscribed

West Siberian Resources Ltd’s rights offering, with preferential rights for shareholders, was fully subscribed. Gross offering proceeds amount to SEK 347,5 million. Approximately 98% of the offering was subscribed through subscription rights. The remaining shares/depositary receipts were significantly oversubscribed, without subscription rights, and are allocated by the board of directors in accordance with the offering terms.

Through the offering, the number of outstanding shares/depositary receipts in West Siberian Resources increases from 429 050 500 shares/depositary receipts to 686 480 800 shares/depositary receipts with a total share capital of 34,324,040 USD. The newly issued shares/depositary receipts will start trading on the Stockholm Stock Exchange’s Nya Marknaden during the week of May 9 2005. –The participation in the offering is encouraging. The shareholder base now includes several international institutional investors. We are grateful for the support shown by old and new shareholders and appreciate this faith in West Siberian Resources and our growth strategy, Maxim Barski, West Siberian Resources’ Managing Director stated. For further information: Maxim Barski, Managing director, West Siberian Resources Ltd., tel. +7 095 723 07 18 Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 8 613 00 85 Also visit www.westsiberian.com