RNS Number:1243U
Sibir Energy PLC
12 January 2004


For immediate release

12 January 2004
                  SIBIR ENERGY PLC ("Sibir" or "the Company")

                            Conversion of Securities

Sibir announces that following the receipt of a conversion notice, four 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 29,412 ordinary shares
of 10p each in the Company ("Ordinary Shares"). Accordingly, application has
been made for 29,412 new Ordinary Shares to be admitted to trading on AIM.
Admission is expected to occur on 19 January 2004.

Following admission, the issued share capital of the Company will be
1,746,568,729 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)



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