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Tuesday, August 30, 2011

Novatek Awarded Yamal-Nenets Licenses

- Novatek Awarded Yamal-Nenets Licenses

Tuesday, August 30, 2011

OAO NOVATEK today announced that its subsidiary OOO NOVATEK- Yurkharovneftegas was granted four new license areas for exploration and production in the Yamal-Nenets Autonomous Region based on a ruling by the Russian Government.

Two of the license areas –Salmanovskiy (formerly, Utrenniy) and Geofizicheskiy - are located in the hydrocarbon-rich Gydan peninsula, and have combined reserves of 978.6 billion cubic meters of natural gas and 46.3 million tons of liquid hydrocarbons under Russian reserve classification “ABC1 + C2”. The remaining two license areas - North-Obskiy and East-Tambeyskiy – are located offshore in the northern portion of the Gulf of Ob, and have a combined resource base of 1,763 billion cubic meters of natural gas and 220.7 million tons of liquid hydrocarbons according to the Russian reserve classification “D1 + D2”. All the license areas are adjacent to the Yamal peninsula where the Company is developing its Yamal LNG project.

According to NOVATEK’s Management Board Chairman, Leonid Mikhelson, “These new license areas significantly expand our current reserve and resource base and provide access to a region with enormous resource potential to support NOVATEK’s long-term growth plans”.

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