The acquisition of an interest in Geoilbent will significantly expand Yukos' asset base in a new and promising area of Yukos' operations - the Yamal Nenets autonomous district - stated the President of Yukos Exploration & Production Yuri Beilin. - We are very pleased to be able to acquire the Geoilbent interest and to start to begin to realize the potential of increased development in the Yamal Nenets area'.
The Yukos subsidiary company will also assume the commitments of Harvest Natural Resources Inc. under all agreements that guarantee the fulfillment by LLC Geoilbent of its obligations pursuant to a loan facility provided by the European Bank for Reconstruction and Development (EBRD). Geoilbent's outstanding balance under the loan facility is about $30 million.
Closing of the transaction is expected by the end of the year subject to consent from the Russian Ministry for Antimonopoly Policy and the EBRD. Geoilbent controls licenses for oil & gas properties in Yamal Nenets - Severo Gubkinsky, Urabor Yakhinsky, Vansko Namyssky, Uzhno Tarasovsky and Prisklonovy. In 2002 Geoilbent produced 891 000 metric tons.
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