Offer Update

RNS Number:8366K
Rosneft Investments Limited
08 May 2003





                          Rosneft Investments Limited

Not for release, publication or distribution in, into or from Canada, Australia
                                   or Japan.


                     Recommended Cash offer by Hoare Govett
                  on behalf of Rosneft Investments Limited for
                         Anglo Siberian Oil Company plc


Rosneft Investments announced on 28 April 2003 that all the conditions set out
in the Offer Document dated 4 April 2003 had been satisfied or waived, and
accordingly the Offer was declared unconditional in all respects.



Optionholders



As stated in the Offer Document, appropriate proposals will shortly be made to
participants in the Anglo Siberian Option Scheme.



Compulsory acquisition and cancellation of admission to trading on AIM



Rosneft Investments is now entitled to exercise its rights pursuant to sections
428 to 430F of the Companies Act to acquire compulsorily all of the outstanding
Anglo Siberian Shares in respect of which valid acceptances have not been
received and has despatched the requisite notices pursuant to section 429 of the
Companies Act in exercise of such rights.  In the meantime, the Offer remains
open for acceptance subject to the terms set out in the Offer Document and Form
of Acceptance.



In the Offer Document, Rosneft Investments stated that, following the Offer
becoming or being declared unconditional in all respects, it would procure that
Anglo Siberian applies to the London Stock Exchange for the cancellation of the
admission to trading of Anglo Siberian Shares on AIM.  Following the resignation
of Anglo Siberian's nominated adviser, the trading of Anglo Siberian shares on
AIM has been suspended and is likely to be cancelled in accordance with the AIM
rules.



Terms defined in Rosneft Investments' Offer Document dated 4 April 2003 have the
same meaning in this announcement unless the text requires otherwise.



8 May 2003



Enquiries
Hoare Govett:
Sean Wegerhoff                                                        020 7678 7951

College Hill Associates:
James Henderson                                                       020 7457 2020
Phil Wilson-Brown                                                     020 7457 2020



Hoare Govett, which is regulated in the United Kingdom by the Financial Services
Authority, is acting exclusively for Rosneft and Rosneft Investments and no one
else in connection with the Offer and the other matters described herein and
will not be responsible to anyone other than Rosneft and Rosneft Investments for
providing the protections afforded to clients of Hoare Govett or for providing
advice in relation to the Offer and the other matters described herein.



The Offer is not being made, directly or indirectly, in or into, or by the use
of mails or any means or instrumentality (including, without limitation,
telephonically or electronically) of interstate or foreign commerce of, or any
facility of a national securities exchange of, Canada, Australia or Japan and
the Offer is not capable of acceptance by any such use, means, instrumentality
or facilities from or within Canada, Australia or Japan. Accordingly, copies of
this announcement and any related documents are not being, and must not be,
directly or indirectly, mailed or otherwise forwarded, distributed or sent in,
into or from Canada, Australia or Japan and persons receiving this announcement
and any related document (including custodians, nominees and trustees) must not
mail or otherwise forward, distribute or send it in, into or from Canada,
Australia or Japan. Doing so may render invalid any purported acceptance of the
Offer.



The availability of the Offer to persons who are not resident in the United
Kingdom may be affected by the laws of the relevant jurisdictions. Persons who
are not resident in the United Kingdom should inform themselves about and
observe any applicable requirements. Further details in this regard are
contained in paragraph 6 of Part B of Appendix I to the Offer Document and
paragraph (c) of Part C of Appendix I to the Offer Document.



Rosneft Investments or its nominees or brokers (acting as agents for Rosneft
Investments) may, in accordance with applicable law, including applicable
exemptions from Rule 14e-5 under the Exchange Act, make certain purchases of
Anglo Siberian Shares in the market or otherwise during the period in which the
Offer remains open. Information about such purchases will be announced in a
press release in accordance with the City Code and will also be made available
in the United States.



The Offer in the United States is being made pursuant to an exemption from
certain US tender offer rules provided by Rule 14d-1(c) under the Exchange Act.
US Shareholders should read paragraph 6.2 of Part B of Appendix I to the Offer
Document.



The Offer is being made in the United States by Rosneft Investments. References
in this announcement, the Offer Document and in the Form of Acceptance to the
Offer being made by Hoare Govett on behalf of Rosneft Investments should be read
and construed accordingly. This announcement does not constitute an offer or an
invitation to purchase or subscribe for any securities.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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