Summary from West Siberian's AGM
West Siberian Resources Ltd's shareholders gathered in Stockholm today for the
Annual General Meeting (AGM).
The AGM adopted the income statements and balance sheets for the company and the
group and the board of directors and the managing director were discharged from
liability for the financial year 2007.
The AGM resolved to re-elect board members Maxim Barski, Nemesio
Fernández-Cuesta, Fred Boling, Claes Levin and Eric Forss. Fernando
Martinez-Fresneda was reelected as alternate director for Nemesio
Fernández-Cuesta. Arsen Idrissov and Raymond Liefooghe were elected as new
directors. Eric Forss was elected chairman of the board.
The AGM further resolved to remunerate the board of directors in the following
way: To the chairman, USD 120,000. To each other member of the board USD 60,000.
To each member of the audit committee and remuneration committee a sum of USD
10,000. No remuneration shall be paid to any alternate director.
PricewaterhouseCoopers AB was re-elected as auditor until the next AGM, with the
authorised public accountants Klas Brand and Johan Rippe as responsible. The
auditors shall be paid in accordance with approved invoice.
The AGM also resolved that the principles for the nominating process shall
continue to apply. The AGM adopted the proposal from the board regarding the
principles for providing salaries and other employment benefits for the
management.
West Siberian Resources' managing director Mr Maxim Barski addressed the AGM and
updated shareholders on the company's progress and future plans. The
presentation is available at www.westsiberian.com.
For further information:
Maxim Barski, Managing director, West Siberian Resources Ltd., tel. +7 495 956
48 82
Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 8 613 00 85
Also visit www.westsiberian.com
West Siberian is a leading independent oil company with vertically integrated
operations in Russia and Kazakhstan. Following the merger with Alliance Oil
Company, West Siberian Resources has proved and probable oil reserves of 489
million barrels, a production of close to 45,000 barrels per day in the first
quarter of 2008, refining capacity of 70,000 barrels per day and a network of
255 gas stations and 24 wholesale oil terminals. West Siberian's depository
receipts are traded on the OMX Nordic Exchange Stockholm under the symbol WSIB.
