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Sibir Energy increased first-quarter production by 50 per cent from 2007, to a record 5.9m barrels. Average daily crude production increased 49 per cent to 64,000 barrels per day. Downstream, the group processed 9.2m barrels of crude at its Moscow refinery, up 101 per cent from 2007.
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The group has delayed its move to the main market, previously expected by June, to the second quarter of 2008 or first quarter of 2009.
At 632p, the shares trade above our buy advice (433p, 26 June 2007), and the latest production figures reinforce our view. Buy.
Last IC view: Buy, 580p, 10 April 2008.
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
