2nd Jul 2010 07:29
NOVATEK ACQUIRES OAO TAMBEYNEFTEGAS
Moscow, 2 July 2010. OAO NOVATEK ("NOVATEK" and/or the "Company") today announced that it has acquired a 100% equity stake in OAO Tambeyneftegas, the holder of the exploration and production license to the Malo-Yamalskoye natural gas and gas condensate field. The Company acquired the stake from the following Cypriot companies; SIRITIA VENTURES Ltd., ALDI TRADING Ltd., INNECTO VENTURES Ltd. and ORSEL CONSULTANTS Ltd. for total consideration of ten million US dollars.
The Malo-Yamalskoye reserves, according to the Russian C1+C2 reserve classification, amount to 161 billion cubic meters of natural gas and 14.4 million tons of gas condensate1, or approximately 1.2 billion barrels of oil equivalent. The field is located in the southern portion of the Yamal peninsula, near Kamenny Cape and in the general vicinity of Gazprom's Bovanenkovo-Ukhta trunk pipeline construction project.
The acquisition is consistent with the Company's strategy to participate in the development of the Yamal peninsula, as well as increasing its resource base and production capacity of natural gas and liquid hydrocarbons.
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1 Recoverable reserves of gas condensate
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For further information, please visit www.novatek.ru or contact:
| Press Service +7 (495) 721 2207 | Investor Relations +7 (495) 730 6013 |
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OAO NOVATEK is Russia's largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company's upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 90% of Russia's natural gas production and 20% of the world's gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company's shares are listed on the Russian Trading System (RTS), MICEX Stock Exchange and the London Stock Exchange (LSE) under the ticker symbol 'NVTK' and on the NASDAQ PORTAL System as Rule 144A GDR under the ticker symbol "NVATY".
Copyright Business Wire 2010
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