Novatek Wins Auction for East-Tazovskoye License

OAO Novatek announced Thursday that its subsidiary OOO Novatek-Tarkosaleneftegas won an auction for exploration and production license for the East-Tazovskoye field. Payment for the license was set at RR 3.19 billion.

The East-Tazovskoye field is located in the Yamal-Nenets Autonomous Region in close proximity to the North-Russkoye field, the license for which is also held by OOO Novatek- Tarkosaleneftegas.

As of Jan. 1, 2012, recoverable reserves of the field under Russian reserve classification "C1 + C2" amounted to 65.3 billion cubic meters of natural gas and 13.4 million tons of liquid hydrocarbons.

"The acquisition of a new license is fully consistent with our strategy and allows us to expand the resource base in our core region. We will benefit from significant synergies due to the proximity of the East-Tazovskoye field to our existing asset base," Chairman of Novatek's Management Board Leonid Mikhelson noted.

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