21st Apr 2006 09:17
O.A.O. Tatneft21 April 2006 April 21, 2006 On April 21, 2006, OAO Tatneft issued the following press release: OAO Tatneft obtained an extension from the New York Stock Exchange for thefiling of the company's annual report on Form 20-F for 2004 Almetyevsk, 21 April 2006 OAO Tatneft (the "Company") announced today that it has obtained an extensionfrom the New York Stock Exchange ("NYSE") for the filing of the Company's AnnualReport on Form 20-F for 2004. Under applicable NYSE policy*, if an AnnualReport on Form 20-F is not filed with the U.S. Securities and ExchangeCommission (the "SEC") within nine months after the extended deadline providedby the SEC's Rule 12b-25 (i.e., by April 15, 2006, in the case of the Company'sAnnual Report on Form 20-F for 2004), the NYSE considers in its sole discretionwhether to permit trading in the company's securities to continue for up to anadditional three months or whether to commence suspension and delistingproceedings. On April 13, 2006, the NYSE reviewed the Company's status underthis policy and granted an extension of three months (until July 15, 2006) forthe filing of the Company's Annual Report on Form 20-F for 2004. As has been announced by the Company, the value of its assets on unconsolidatedbasis in accordance with Russian accounting regulations ("RAR") as of 31December 2005 was approximately 160 billion Russian Rubles (US$5.56 billion), anincrease of 14.67% from approximately 139.5 billion Russian Rubles (US$5.03billion) as of 1 January 2005, and the Company's net income under RAR for 2005was approximately 36.9 billion Russian Rubles (US$1.28 billion), an increase of49.75% from approximately 24.6 billion Russian Rubles (US$887 million) for 2004.** In 2005 the Company produced 25.3 million tons (180.2 million barrels) ofcrude oil, almost 1 percent more than in 2004, when the Company produced 25.1million tons (178.8 million barrels) of crude oil.*** The Company's RARfinancial statements for 2005 are currently being audited by the Company'sindependent auditor and will be proposed for approval at the Company's annualgeneral shareholders' meeting on 30 June 2006. In the first quarter of 2006 the Company produced 6,306,127 tons (44.9 millionbarrels) of crude oil and expects its gross revenues and income before tax forthe first quarter of 2006 under RAR to reach 47 billion Russian Rubles (US$1.69billion) and 15 billion Russian Rubles (US$540 million) respectively.** * - Section 802.01E of the NYSE Listed Company Manual as in effect on July 15,2005, which was the extended deadline for filing of the Company's Annual Reporton Form 20-F for 2004 in accordance with Rule 12b-25 under the SecuritiesExchange Act of 1934. On January 19, 2006, the SEC approved an amendment toSection 802.01E of the Listed Company Manual that altered the timing of theNYSE's review of continued trading in listed securities of late filers. Basedon its consultations with the NYSE, the Company takes the view that theseamendments to Rule 802.01E do not apply to its Annual Report on Form 20-F for2004. ** - Russian Ruble amounts have been translated into U.S. Dollars at theexchange rates on the last day of respective year or quarter. *** - Amounts of crude oil have been translated from tons to barrels at the rateof 7.123 barrels per ton of crude oil, reflecting the weighted average densityof the Company's crude oil reserves. Forward-looking statements: This press-release may contain certainforward-looking statements of OAO Tatneft. OAO Tatneft does not guaranteeoccurrence of any events mentioned in such statements as well as term of theiroccurrence. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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