sibir_logo.gifThe AIM-listed Sibir Energy (AIM: SBE) is showing some strength. The Russia-focused oil explorer has recently posted quite impressive results.

The company saw a 62% spike in oil production. Furthermore, pre-tax profit jumped to $343 million from last year's $111 million. Turnover also drove higher to $1.7bn versus $1bn last year.

According to the reports, Sibir could be soon joining forces with Gazprom's subsidiary Gazprom Neft to operate the Moscow refinery on a parity basis and through an independent management team of industry experts.

In September 2007, the group, which is mostly owned by Russians, said it wanted to double the size of the company in 18 months. It seems now that this target can be easily achieved sooner than the original forecast.

sibir-energy-plc-SBE-london-stock-exchange-AIM.png

Awesome SBE's run

According to the media, Sibir is planning to leave the Alternative Investment Market (AIM) and will be joining the main stock exchange in London by end of the year.

Sibir's shares were down by 5% to 772p in the late afternoon today.

I smell a huge potential here. Sibir is becoming the big Russian bear and could feed your portfolio if everything continues going the same direction. Already, the company has increased its production by more than 60% to 63,000 barrels a day, and I assume that there will be more good news yet to come from Sibir Energy.

Reference

www.sibirenergy.com