26th May 2009 07:00
OAO NOVATEK today announced that it has received approval from the Federal Agency for Subsurface Use to convert four exploration licenses into new production licenses on fields located in the Yamal-Nenets Autonomous Region.
Throughout 2007 and 2008, NOVATEK financed the successful exploration activities on the Severo-Khancheyskiy, Novoyurkharovskiy, Yarudeyskiy and Raduzhny license areas, and as a result, the Company was able to demonstrate recoverable reserves under the Russian reserve classification categories "C1 + C2" of 80.2 billion cubic meters of natural gas and 7.5 million tons of gas condensate.
The four production licenses were issued in accordance with current Russian legislation on a non-competitive basis as a result of the work performed by the Company in compliance with the initial terms of the licenses.
In accordance with the new license agreements, the Company will continue to undertake further exploration activities as well as start the development activities on the discovered fields.
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For further information, please visit www.novatek.ru or contact:
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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 2009
Related Shares:
NVTK.L