West Siberian Resources Ltd: Interim report for the quarter and the 12 months ended September 30, 2004

(financial year extended to December 31, 2004)

• Oil revenue increased by 141% to MUSD 6.0 for the quarter and by 61% to 14.3 MUSD for the twelve months ended September 30, 2004. • The result before tax improved to MUSD 1.1 (MUSD -24.0) for the quarter and to MUSD -1.4 (MUSD -29.3) for the twelve months period. The quarterly net result amounted to MUSD 0.8 (MUSD -22.8) and the twelve months net result amounted to MUSD -3.0 (MUSD –27.9). • The above result corresponds to USD -0.01 per share for the twelve months period (USD -0.49 per share). For the quarter, the earnings per share was USD 0.00 (USD -0.40 per share). • Oil production increased by 109% to 269,441 barrels for the quarter and by 22% to 729,557 barrels for the twelve months. • A new management team was appointed with Maxim Barski as Managing Director. For further information: Maxim Barski, Managing Director, tfn +7-095 723 0718 Eric Forss, Chairman of the Board, tfn +46-8-613 00 85.