26th May 2009 13:05
NOVATEK'S BOARD OF DIRECTORS APPROVES ACQUISITION
Moscow, 26 May 2009. The Board of Directors of OAO NOVATEK ("NOVATEK" or the "Company") today has unanimously approved the acquisition of a 51% equity stake in OAO Yamal LNG for a consideration of $650 million. OAO Yamal LNG holds the license for exploration and development of the South-Tambeyskoye field.
The purchase of the equity stake includes the acquisition of shares from the existing shareholders, Orsel Consultants Ltd, Aldi Trading Ltd and Innecto Ventures Ltd., which are all related to Volga Resources SICAV SIF S.A.
Speaking at the Board meeting, NOVATEK's CEO, Leonid Mikhelson, stated "The acquisition of the South-Tambeyskoye field significantly increases our resource base ensuring future natural gas and gas condensate production growth. The acquisition of the additional resources is accretive to the Company's overall value and supports NOVATEK's long-term development strategy".
The Company has already obtained approval from the Federal Anti-Monopoly Service for the transaction.
Note:
The South-Tambeyskoye field was initially discovered in 1974, the field is located in the north-east of the Yamal Peninsula. As of 1 January 2008, the field's natural gas reserves in accordance with the Russian reserve classification (categories C1 + C2) amount to 1.256 tcm.
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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] |
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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
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