6th Nov 2009 12:39
FOR IMMEDIATE RELEASE
NOVATEK TO REPORT THIRD QUARTER 2009 IFRS RESULTS
OAO NOVATEK today announced that it will release its unaudited consolidated interim condensed financial information as of and for the three and nine months ended 30 September 2009, prepared in accordance with International Financial Reporting Standards ("IFRS"), on 13 November.
The Company would like to draw the attention of investors and analysts to certain events that occurred during the three months ended 30 September 2009 (3Q 2009) that had a direct impact on our revenues and expenses during the period.
1. During the quarter we recorded eight (8) tankers as sold, or approximately 467 thousand tons of stable gas condensate, representing an increase of 41.9% over the corresponding 3Q 2008. We previously indicated in our 3Q 2009 operational results press release that seven (7) tankers were shipped for export; however, after further review, it was determined that the additional tanker satisfied the IFRS requirements for recognition as sold during the period.
2. At period end, we recorded approximately 503 million cubic meters of natural gas and 202 thousand tons of stable gas condensate as inventory.
3. During the quarter our average transportation distance per thousand cubic meters for traders in remote points decreased by approximately 29.7% compared to the 2Q 2009, thus enhancing average netbacks during the quarter.
The Company will provide more information regarding these and other matters pertaining to the financial results in its unaudited consolidated interim condensed financial information for the three and nine months ended 30 September 2009 and during its upcoming earnings conference call. Specific details on the earnings conference call will be provided next week.
Certain statements in this press release are not historical facts and are "forward looking" within the meaning of Section 27A of the Securities Act and Section 21E of the US Securities Exchange Act of 1934 (hereinafter, the Exchange Act). Forward looking statements include statements concerning our plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, our competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, our business strategy and the trends we anticipate in the industries and the political and legal environment in which we operate and other information that is not historical information. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward looking statements will not be achieved.
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For further information, please visit www.novatek.ru or contact:
| Press Service+7 (495) 721 2207[email protected] | 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), 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 2009
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