MEDIA CENTRE

Final Results for Year Ended 31 December 2007

10/04/2008

Baltic Oil Terminals, the infrastructure company with operations in Kaliningrad, Russia today announces its preliminary results for the year ending 31 December 2007. Baltic's objective is to leverage increasing demand for shipment of hydrocarbons and become the largest terminal and infrastructure operator in the Kaliningrad region.

Highlights

Operational

• Acquisition, through OAO Agroprom, of 50% interest * in the Rosbunker terminal, which is newly constructed and fully operational and is the only terminal in Kaliningrad with deep water capacity



• First phase of Rosbunker development complete:



• Throughput rose to 59,000 tonnes per month by December 2007.



• Existing tank capacity expected to enable throughput to increase to 80,000 -100,000 tonnes per month in 2008


• Baltic Top throughput averaged 13,500 tonnes per month in 2007

Financial

• Adjusted loss, after adding back non-recurring items, of £4.1 million (2006: adjusted loss of £3.1 million)



• £6.9 million invested in oil terminal infrastructure in 2007



• Cash position of £3.0 million as at 31 December 2007 (2006: £17.9 million)



• Additional £1.9 million (net) raised through a placing of new ordinary shares in January 2008

Outlook

• On track to complete deep water development phase and install additional tank capacity at Rosbunker, significantly increasing throughput capability to up to 400,000 tonnes per month by 2009



• Rosbunker acquisition has provided immediate access to new source of low-risk, profitable export business with mini-refineries, through a series of exclusive off-take agreements requiring minimal capital expenditure.



• Long term plan to maximise returns from Rybachiy site remains in place.



• Back office functions in the process of relocating to corporate headquarters in Kaliningrad, resulting in significant cost reductions going forward.



• Roman Niewiadomski to replace Rob Wilde as Finance Director. Roman is a fluent Russian speaker, with over 10 years' experience of natural resources in Russia.



• On track to achieve original objective of making first dividend payment in 2009 in respect of year ending 31 December 2008.

Simon Escott, Chief Executive, commented:

"The Rosbunker acquisition was a significant strategic step for Baltic. Its location alone gives it a major advantage over competing terminals, hence our decision to focus our efforts on ramping up throughput. The terminal is performing well and we are therefore confident of achieving our objectives for 2008 and beyond.

"I am also pleased to welcome Roman Niewiadomski to the Board. His experience will be crucial as we take Baltic into the next stage of its development. Finally, I would like to thank Rob Wilde for his hard work and significant contribution. We wish him every success for the future."

Enquiries:

* Note: Rosbunker was acquired in two stages, with the second 25% completing in January 2008.

The information contained in this announcement has been reviewed by Roy Kelly, Technical Director, RPS who is a Chartered Petroleum Engineer with over 25 years experience.

View the full press release in PDF format.

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