Tatneft Wins Exploration Block in Libya

OAO Tatneft has participated in an open tender held by the National Oil Corporation of Libya. Twenty six exploration and development permits were offered at the tender. OAO Tatneft won the permit for the exploration and development of block No. 82-4 in Libya. The block is located in the central part of the country, in Gedames basin. The size of the block is two thousand square kilometers. Previously, two exploration wells have been drilled on the territory of the block proving existence of hydrocarbons.

Pursuant to the established procedure, OAO Tatneft has to sign an agreement for the exploration and development of the block within 30 days after the announcement of the tender results. Minimal exploration obligations provide for 2D and 3D seismic survey and drilling two exploration wells.