Tatneft Gets Go-Ahead to Develop South Kishma Oil Field

Tatneft has received a letter from the Minister of Petroleum and Mineral Resources of Syria on November 22, 2009 with approval of coordinates of the development area (South Kishma field). South Kishma is the first field to be developed on the basis of a contract for exploration and development on PSA terms within Block number 27, which was signed in March 2005.

Under the contract terms the date of approval of the development area coordinates is the date of the commercial discovery of the South Kishma field. The evaluation of the field's recoverable resources amounts to 4.89 million tons. The Joint Working Company (JWC) will be registered within 30 days after the commercial discovery announcement, where Tatneft will control a 50 percent share. The JWC will be involved in the field development.