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Results of NOVATEK’s Board of Directors Meeting

The information contained in this section of the Novatek website is restricted.

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Moscow, 8 November 2010.  The Board of Directors (the “Board”) of OAO NOVATEK (“NOVATEK” and/or the “Company”) met today and the following agenda items were approved:

1. The issuance of a Eurobond for an amount of up to 1,500 million US dollars for a period of up to ten years.

2. The acquisition of a 51% participation interest in OOO SeverEnergia by OOO Yamal Development, a 50/50 joint venture between NOVATEK and OAO Gazprom Neft. OOO SeverEnergia holds 100% of the shares of OAO Arctic Gas, ZAO Urengoil Inc. and OAO Neftegaztechnologia, which hold licenses for the development of oil and gas condensate fields in the Yamal-Nenets Autonomous Region. As of 1 January 2009, the reserves of OOO SeverEnergia, under the Russian reserve classification ABC1 + C2, totaled 1.3 trillion cubic meters of natural gas, 154 million tons of gas condensate and 568 million tons of crude oil according to the Russian Federation’s State Balance of Reserves.

3. The acquisition of 51% of the shares of OAO Sibneftegas. OAO Sibneftegas holds licenses for development of oil and gas condensate fields within the following license areas located in the Yamal-Nenets Autonomous Region: Beregoviy license area, Hadyryahinskiy license area, Pyreiniy gas condensate field and Zapadno-Zapolyarnoye gas field. As of 1 January 2009, the reserves of OAO Sibneftegas, under the Russian reserve classification ABC1 + C2 totaled 395.53 billion cubic meters of natural gas and 8.44 million tons of gas condensate according to the Russian Federation’s State Balance of Reserves. In the first nine months of 2010, OAO Sibneftegas’ gross natural gas production totaled 7.3 billion cubic meters.

According to NOVATEK’s CEO, Leonid Mikhelson, “The acquisition of the new assets is consistent with the Company’s strategy to grow its resource base and increase production of natural gas and liquid hydrocarbons”.


Legend

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PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. 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 mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol “NVTK”.