OAO Novatek has received approval from the Federal Agency for Subsurface Use to convert four exploration licenses into new production licenses on fields located in the Yamal-Nenets Autonomous Region.
Throughout 2007 and 2008, NOVATEK financed the successful exploration activities on the Severo-Khancheyskiy, Novoyurkharovskiy, Yarudeyskiy and Raduzhny license areas, and as a result, the Company was able to demonstrate recoverable reserves under the Russian reserve classification categories “C1 + C2” of 80.2 billion cubic meters of natural gas and 7.5 million tons of gas condensate.
The four production licenses were issued in accordance with current Russian legislation on a non-competitive basis as a result of the work performed by the Company in compliance with the initial terms of the licenses.
In accordance with the new license agreements, the Company will continue to undertake further exploration activities as well as start the development activities on the discovered fields.
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