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Moscow, 28 October, 2005. OAO NOVATEK today reported preliminary production data for the third quarter 2005. Gross production totaled 6.25 billion cubic meters of natural gas and 583.9 thousand tons of liquids (gas condensate and crude oil). Natural gas production increased by 1.89 billion cubic meters, or by 43%, whereas gross liquids production decreased by 155 thousand tons, or by 21%, as compared with the corresponding gross production in the third quarter 2004. The decrease in gross liquids production was primarily due to the disposal of our oil assets in the second quarter 2005. Excluding the asset disposal, gross liquids production increased by 27 thousand tons, or approximately 5% during the period.

On a net basis (including subsidiary companies and NOVATEK’s share of production from associated companies), natural gas production rose by 82% and liquids production increased by 24% (excluding asset disposals) as compared with net production during the corresponding period in 2004. The increase in net production is a result of reaching the first phase design capacity at both the Yurkharovskoye and Khancheyskoye fields as well as the positive impact from the asset consolidation at year-end 2004.

In the third quarter 2004, gross production for NOVATEK totaled 4.36 billion cubic meters of natural gas and 738.69 thousand tons of liquids, of which production volumes net to NOVATEK totaled 3.44 billion cubic meters of natural gas and 467.45 thousand tons of liquids (excluding asset disposals).

In the third quarter 2005, NOVATEK processed 405 thousand tons of unstable condensate at the Purovsky processing plant, which commenced operations in June 2005.

NOVATEK hydrocarbons production for the third quarters 2005 and 2004

3Q2004 3Q2005 QoQ%
Gross gas production, bcm 4.36 6.25 43%
Gross liquids production, mt 738.69 583.9 -21%
Excluding disposed production, mt 182.1 0
Gross Liquids production (normalized), mt 556.59 583.9 5%
Net natural gas production, bcm 3.44 6.25 82%
Net liquids production, mt 649.55 581.74 -10%
Excluding disposed production, mt 182.1 0
Net Liquids production (normalized), mt 467.45 581.74 24%

PAO NOVATEK is one of the largest independent natural gas producers 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. Upstream activities of the Company’s subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Area, 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.