27th Nov 2008 13:31
NOVATEK REPORTS OPERATING DATA FOR TEN MONTHS 2008
Moscow, 27 November 2008. OAO NOVATEK (or the "Company") today reported hydrocarbon production data for the month of October 2008 and the ten months ended 31 October 2008.
Gross production for October 2008 totalled 2.76 billion cubic meters of natural gas and 264 thousand tons of liquids (gas condensate and crude oil). Natural gas production increased by 11.5%, and gross liquids production increased by 22.5%, as compared with the corresponding gross production in October 2007.
In the first ten months of 2008, gross production for NOVATEK totalled 25.59 billion cubic meters of natural gas and 2.14 million tons of liquids. Natural gas production increased by 9.4%, whereas gross liquids production increased by 4.1% as compared with the corresponding gross production in the first ten months of 2007.
With the successful launches of the second phase development at the Yurkharovskoye field in September 2008 and the second phase expansion of the Purovsky processing plant in November 2008, the Company completed the majority of the infrastructure related activities required to increase production capacity and continue field development. The Company's current production capacity is more than 100 million cubic meters of natural gas per day.
"We update our future development plans with accordance to the gas demand outlook," stated Leonid V. Mikhelson, CEO NOVATEK. "As a result of the signs of a slowdown in expected consumption of natural gas primarily due to unseasonably warm fall weather, management is revising its full year natural gas production growth guidance to 8.5% and maintains its 10% liquids production growth guidance for 2008".
According to NOVATEK's CFO, Mark Gyetvay, "The Company has not been negatively impacted by non-payments for deliveries of natural gas and continues to work closely with its customer base and OAO Gazprom to ensure adequate supplies of natural gas are available on the Russian domestic market".
NOVATEK's hydrocarbon production
| Oct2007 | Oct2008 | Chg% | Gross production | 10M2007 | 10M2008 | YoY% | ||||||
| 2.48 | 2.76 | 11.5% | Natural gas, bcm | 23.38 | 25.59 | 9.4% | ||||||
| 215 | 264 | 22.5% | Liquids, mt | 2,058 | 2,142 | 4.1% |
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Information provided in this press release presents expected results of OAO NOVATEK operations in 2008. The information represents preliminary assessment only, which can be adjusted after statistical, financial, fiscal and business reporting becomes available. The information on NOVATEK's operational results in this press release depends on many external factors and therefore, provided all permanent obligations imposed by the London Stock Exchange listing rules are unconditionally observed, cannot qualify for accuracy and completeness and should not be regarded as an invitation for investment. Therefore, the results and indicators actually achieved may significantly differ from any declared or forecasted operational results in 2008. • NOVATEK assumes no obligation (and expressly declares that it has no such obligation) to update or change any declarations concerning any future results, both due to new information obtained, any future events or for any other reasons.
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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 6020[email protected] |
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 2008
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