Novatek Boosts Production in 2Q11

Novatek reported preliminary production data for the second quarter and first half 2011.

Gross production for the second quarter totaled 12.13 billion cubic meters of natural gas and 1.04 million tons of liquids (gas condensate and crude oil). Gross natural gas production increased by 3.72 billion cubic meters, or by 44.2%, and gross liquids production increased by 157 thousand tons, or by 17.8%, as compared with the corresponding gross production in the second quarter 2010.

In the first half 2011, gross production for Novatek totaled 25.56 billion cubic meters of natural gas and 2.06 million tons of liquids. Natural gas production increased by 7.17 billion cubic meters, or by 39.0%, whereas gross liquids production increased by 316 thousand tons, or by 18.1% as compared with the corresponding gross production in the first half 2010.

In the second quarter and first half 2011, Novatek processed 982 and 1,956 thousand tons, respectively, of unstable gas condensate at the Purovsky Gas Condensate Processing Plant.

The Company's preliminary stable gas condensate export volumes amounted to 753 thousand tons for the second quarter 2011 as compared to 536 thousand tons in the corresponding period of 2010. At 30 June 2011, we had approximately 206 million cubic meters of natural gas and 274 thousand tons of stable gas condensate in transit or storage and recognized as inventory.

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