EastSiberian Plc (TSX NEX: ESB.H) Reports Interim Financial Results for the period ended February 29, 2016

ST. HELIER, JERSEY, April 22, 2016 /CNW/ - EastSiberian Plc ("EastSiberian" or the "Corporation") a Jersey company, reports its unaudited financial results for the period ended February 29, 2016. EastSiberian has filed its Interim Consolidated Financial Statements for the period ended February 29, 2016 and its Management's Discussion and Analysis ("MD&A") on www.sedar.com.  


The unaudited consolidated financial information of EastSiberian includes the Corporation, its subsidiaries and its investments in equity accounted investees.

Selected financial information for the periods ended  February 29, 2016 and 2015 and as at February 29, 2016 and  2015 are set out below and should be read in conjunction with EastSiberian's February 29, 2016 Interim Consolidated Financial Statements and MD&A.  All financial information is stated in United States dollars, unless otherwise indicated.

All amounts expressed in USD

Nine months ended February 29,

except as otherwise noted



Net loss for the period



Weighted average number of common shares

outstanding – basic and diluted



Net loss per share – basic and diluted



Comprehensive loss for the period



Cash flow provided from (used in) operations



Cash flow from (used in) investing



Increase (decrease) in cash and cash equivalents



Cash and cash equivalents



Working capital (deficit)



Total assets



Total liabilities



Shareholders' equity (deficit)



EastSiberian reported a net loss for the period ended February 29, 2016 of $508,094 ($0.01 per share) compared to a net loss of $1,109,151 ($0.14 per share) for the period ended February 28, 2015.  The loss for the current period consisted of general and administrative expenses of $465,042, loss on equity accounted investees of $31,189 and foreign exchange loss of $11,863, whereas the loss for the period ended February 28, 2015 consisted of general and administrative expenses of $936,080, loss on accounts receivable write-down of $172,511 and foreign exchange loss of $560

About EastSiberian

EastSiberian is an international junior oil exploration company incorporated in the Bailiwick of Jersey. For further information, please visit the EastSiberian Plc website at www.eastsiberianplc.com.

Neither the TSX NEX nor its Regulation Services Provider (as that term is defined in the policies of the TSX NEX) accepts responsibility for the adequacy or accuracy of this release.

Advisory Regarding Forward-Looking Statements

This press release together with the unaudited consolidated financial statements and MD&A referred to therein contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements").  Forward-looking statements are based on the EastSiberian's current beliefs as well as assumptions made by, and information currently available to, EastSiberian concerning business prospects, strategies, regulatory developments, the ability to obtain equipment in a timely manner to carry out development activities, the ability to get oil to market, and the ability to obtain financing on acceptable terms  Although management of EastSiberian considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.  Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur.  There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized.  Actual results will differ, and the difference may be material and adverse to either EastSiberian and/or its security holders.  The forward-looking statements contained in this press release are made as of the date hereof and EastSiberian does not undertakes any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law.  The forward-looking statements contained herein are expressly qualified by this cautionary statement.

SOURCE EastSiberian Plc

For further information: EastSiberian Plc: Graeme Phipps, President, 9 Esplanade, St. Helier, Jersey, Tel: +44 7733 363 016, or +1 403 630 2367, Email: gphipps@eastsiberianplc.com; Richard Norris, CFO, 9 Esplanade, St. Helier, Jersey


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