Lukoil Acquires Remainder of Geoilbent

The Lukoil Group has completed a deal to purchase a 34% stake in OOO Geoilbent. As a result, it has consolidated 100% of the company.

Lukoil said that the deal won approval from Russia's Federal Antimonopoly Office on January 12, 2007.

Geoilbent develops the Severo-Gubkinskoye, Prisklonovoye and Yuzhno-Tarasovskoye fields in the Yamal Nenets Autonomous District and undertakes prospecting and exploration on a number of license blocks.

As of the beginning of 2006, Geoilbent's recoverable reserves for the ABC1 category were 29.8 million tons of oil and 68 billion cubic meters of gas, and 43.9 million tons of oil and 19.6 billion cubic meters of gas, respectively, for the C2 category. Oil production in 2006 amounted to 1,201 thousand tons.