NOVATEK Releases Preliminary Q3 Results

OAO Novatek reported preliminary production data for the third quarter and nine months 2007.

Gross production for the third quarter totaled 6.01 billion cubic meters of natural gas and 631 thousand tons of liquids (gas condensate and crude oil). Natural gas production decreased by 1.18 billion cubic meters, or by 16.4%, and gross liquids production increased by 3 thousand tons, or by one-tenth of one percent, as compared with the corresponding gross production in the third quarter 2006.

In the first nine months of 2007, gross production for NOVATEK totaled 20.91 billion cubic meters of natural gas and 1.84 million tons of liquids. Natural gas production decreased by 610 million cubic meters, or by 2.8%, whereas gross liquids production decreased by 57 thousand tons, or by 3.0%, as compared with the corresponding gross production in the first nine months of 2006.

Total gross natural gas production during the 2007 period is consistent with NOVATEK’s revised 2007 production targets due primarily to the decrease of natural gas volumes injected into underground storage which resulted from reduced off-take from the underground storage system during the unseasonably warm winter in Russia and Europe.

Total gross liquids production during the 2007 period is consistent with the Company’s forecasts and takes into account natural declines in the concentration of gas condensate, due to decreasing reservoir pressure at the current gas condensate producing horizons at the East-Tarkosalinskoye and Khancheyskoye fields, and the temporary production stoppage in July 2007 due to planned maintenance and repair work at the fields.

In the third quarter and first nine months of 2007, NOVATEK processed 543 and 1,559 thousand tons of unstable gas condensate at the Purovsky Gas Condensate Processing Plant.

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