EastSiberian Plc (TSX NEX: ESB.H) Reports Interim Financial Results for the period ended November 30, 2015

ST. HELIER, JERSEY, Jan. 27, 2016 /CNW/ - EastSiberian Plc ("EastSiberian" or the "Corporation") a Jersey company, reports its unaudited financial results for the period ended November 30, 2015. EastSiberian has filed its Interim Consolidated Financial Statements for the period ended November 30, 2015 and its Management's Discussion and Analysis ("MD&A") on www.sedar.com.

SELECTED FINANCIAL INFORMATION

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 November 30, 2015 and 2014 and as at November 30, 2015 and November 30, 2014 are set out below and should be read in conjunction with EastSiberian's November 30, 2015 Interim Consolidated Financial Statements and MD&A.  All financial information is stated in United States dollars, unless otherwise indicated.

All amounts expressed in USD	Six months ended November 30,
except as otherwise noted	2015	2014
Net loss for the period	372,725	820,296
Weighted average number of common shares
outstanding – basic and diluted	43,362,832	9,147,105
Net loss per share – basic and diluted	(0.01)	(0.09)
Comprehensive loss for the period	372,725	820,296
Cash flow provided from (used in) operations	(253,160)	(46,138)
Cash flow from (used in) investing	12,189	-
Increase (decrease) in cash and cash equivalents	(240,971)	(46,138)
Cash and cash equivalents	43,360	1,871
Working capital (deficit)	(1,289,442)	(1,543,418)
Total assets	53,396	3,142
Total liabilities	1,342,838	1,546,560
Shareholders' equity (deficit)	(1,289,442)	(1,543,418)

EastSiberian reported a net loss for the period ended November 30, 2015 of $372,725 ($0.01 per share) compared to a net loss of $820,296 ($0.09 per share) for the period ended November 30, 2014.  The loss for the current period consisted of general and administrative expenses of $351,838, loss on equity accounted investees of $12,189 and foreign exchange loss of $8,698, whereas the loss for the period ended November 30, 2014 consisted of general and administrative expenses of $647,206, loss on accounts receivable write-down of $172,511 and foreign exchange loss of $579. 

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

EastSiberian Plc: Graeme Phipps, President, 9 Esplanade, St. Helier, Jersey, Tel: [phone] or [phone], Email: [email protected]; Richard Norris, CFO, 9 Esplanade, St. Helier, Jersey