8th Jul 2011 11:30
NOVATEK REPORTS PRELIMINARY OPERATING DATA FOR THE SECOND QUARTER AND FIRST HALF 2011
Moscow, 8 July 2011. OAO NOVATEK (NOVATEK and/or the Company) today reported preliminary production data for the second quarter and first half 2011.
Gross production for the second quarter totaled 12.13 billion cubic meters of natural gas and 1.04 million tons of liquids (gas condensate and crude oil). Gross natural gas production increased by 3.72 billion cubic meters, or by 44.2%, and gross liquids production increased by 157 thousand tons, or by 17.8%, as compared with the corresponding gross production in the second quarter 2010.
In the first half 2011, gross production for NOVATEK totaled 25.56 billion cubic meters of natural gas and 2.06 million tons of liquids. Natural gas production increased by 7.17 billion cubic meters, or by 39.0%, whereas gross liquids production increased by 316 thousand tons, or by 18.1% as compared with the corresponding gross production in the first half 2010.
In the second quarter and first half 2011, NOVATEK processed 982 and 1,956 thousand tons, respectively, of unstable gas condensate at the Purovsky Gas Condensate Processing Plant.
The Company's preliminary stable gas condensate export volumes amounted to 753 thousand tons for the second quarter 2011 as compared to 536 thousand tons in the corresponding period of 2010. At 30 June 2011, we had approximately 206 million cubic meters of natural gas and 274 thousand tons of stable gas condensate in transit or storage and recognized as inventory.
NOVATEK's hydrocarbon production
| 2Q2010 | 2Q2011 | YoY% | Gross production | 1H2010 | 1H2011 | HoH% | |||||||
| 8.41 | 12.13 | 44.2% | Natural gas, bcm | 18.39 | 25.56 | 39.0% | |||||||
| 881 | 1,038 | 17.8% | Liquids, mt | 1,747 | 2,063 | 18.1% |
***
Information provided in this press release presents expected results of OAO NOVATEK operations in the second quarter and first half 2011. 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 2011. OAO 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.
***
For further information, please visit www.novatek.ru or contact:
| Press Service | Investor Relations | ||
| +7 (495) 721 2207 | +7 (495) 730 6013 | ||
***
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
Related Shares:
NVTK.L