17th May 2010 14:32
NOVATEK INCREASES ITS EQUITY STAKES IN SUBSIDIARIES TO 100%
Moscow, 17 May 2010. OAO NOVATEK ("NOVATEK" and/or the "Company") today announced that it has increased its participation in the share capital of OOO Oiltechprodukt-Invest, OOO Petra Invest-M and OOO Tailiksneftegas to 100%. The Company has acquired the remaining participation interests from United Capital Partners Oil and Gas Private Equity Fund, L.P., a member of the family of funds managed by United Capital Partners.
The acquisition provides NOVATEK with full control over the subsidiary companies, which hold the exploration licenses to Sredniy Chaselskiy, Severo Russkiy, Zapadno-Tazovskiy, Anomalniy and Severo-Yamsoveyskiy license areas, as well as the exploration and production license to the Zapadno-Chaselskoye field.
NOVATEK's wholly-owned subsidiaries, NOVATEK-TARKOSALENEFTEGAS and NOVATEK-YURKHAROVNEFTEGAS, act as operators for the exploration works at these license areas. In 2009, the ongoing exploration work resulted in the discovery of the Zapadno-Chaselskoye field within the Sredniy Chaselskiy license area. In 2010, two new fields were discovered within the Severo Russkiy and Severo-Yamsoveyskiy license areas. Currently, reserve appraisals for these fields are being prepared for review by the State Commission for Reserves.
The acquisition gives the Company full control over the assets and is consistent with its strategy to grow its resource base and increase production of natural gas and liquid hydrocarbons.
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For further information, please 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 Region, which is the world's largest natural gas producing area and accounts for over 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) 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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