15th Jan 2009 17:49
NOVATEK REPORTS PRELIMINARY OPERATING DATA
FOR FOURTH QUARTER AND FULL YEAR 2008
Moscow, 15 January, 2009. OAO NOVATEK today reported preliminary production data for the fourth quarter and full year 2008.
Gross production during the fourth quarter totaled 8.06 billion cubic meters of natural gas and 708 thousand tons of liquids (consisting of both gas condensate and crude oil). Natural gas production increased by 447 million cubic meters, or by 5.9%, and gross liquids production increased by 65 thousand tons, or by 10.1%, as compared with the corresponding gross production in the fourth quarter 2007.
In 2008, gross production totaled 30.88 billion cubic meters of natural gas and 2.6 million tons of liquids. Natural gas production increased by 2.37 billion cubic meters, or by 8.3%, whereas gross liquids production increased by 101 thousand tons, or by 4.1% as compared with the corresponding gross production in 2007.
During 2008, NOVATEK processed approximately 2.2 million tons of unstable gas condensate at the Purovsky Processing Plant, of which 596 thousand tons was processed in the fourth quarter.
Twenty-nine tanker shipments were dispatched for export in 2008 as compared to twenty-eight tanker shipments in the corresponding period 2007. At 31 December 2008, we had approximately 220 thousand tons of stable gas condensate in transit or storage and recognized as inventory until such time as it is delivered to the port of destination.
NOVATEK's hydrocarbon production
| 4Q2007 | 4Q2008 | QoQ% | Gross production | 2007 | 2008 | YoY% | ||||||||||||||||||
| 7.61 | 8.06 | 5.9% | Natural gas, bcm | 28.52 | 30.88 | 8.3% | ||||||||||||||||||
| 643 | 708 | 10.1% | Liquids, mt | 2,485 | 2,586 | 4.1% |
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Information provided in this press release presents expected results of OAO NOVATEK operations in the fourth quarter and full year 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 | Investor Relations | |||||
| +7 (495) 721 22 07 | +7 (495) 730 6020 | |||||
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Founded in 1994, OAO NOVATEK is Russia's largest independent gas producer and the second-largest natural gas producer in Russia. The Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons, with main upstream activities concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area accounting 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 2009
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