24th Mar 2011 13:30
NOVATEK PURCHASES OPTION IN YAMAL LNG
Moscow, 24 March 2011. OAO NOVATEK (NOVATEK and/or the Company) announced today that it has executed a call option agreement for the right to purchase the remaining 25.1% stake in Yamal LNG for USD 526 million which is valid until 1 July 2012. The Company paid USD 15 million for the call option, which is included in the option price.
NOVATEK currently owns a 51% stake in Yamal LNG as well as a call option for a 23.9% stake executed at an earlier date.
Note:
The Yamal LNG Project (Project) includes the construction of production, storage and loading facilities for liquefied natural gas (LNG) based on the hydrocarbon resources of the South-Tambeyskoye field.
As of 31 December 2010, the South-Tambeyskoye field's proved reserves appraised under the SEC reserve methodology totaled 418 billion cubic meters of natural gas and 15 million tons of gas condensate, while the field's proved plus probable reserves appraised in accordance with the PRMS reserve methodology totaled 802 billion cubic meters of natural gas and 31 million tons of gas condensate.
The Project calls for the construction of a 15 million ton per annum LNG plant and production capacity for up to one million tons of gas condensate per annum. The launch of the first of three trains of the LNG plant is scheduled for 2016.
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For further information, please visit www.novatek.ru or contact:
| Press Service | Investor Relations | ||||||||||||||||||
| +7 (495) 721 2207 | +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 83% of Russia's natural gas production and 16% 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 2011
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NVTK.L