Novatek Acquires Remaining Stakes in Subsidiaries
Novatek has increased its participation in the share capital of Oiltechprodukt-Invest, Petra Invest-M and Tailiksneftegas to 100%. The Company has acquired the remaining participation interests from United Capital Partners Oil and Gas Private Equity Fund.
The acquisition provides NOVATEK with full control over the subsidiary companies, which hold the exploration licenses to Sredniy Chaselskiy, Severo Russkiy, Zapadno-Tazovskiy, Anomalniy and Severo-Yamsoveyskiy license areas, as well as the exploration and production license to the Zapadno-Chaselskoye field.
NOVATEK's wholly-owned subsidiaries, NOVATEK-TARKOSALENEFTEGAS and NOVATEK-YURKHAROVNEFTEGAS, act as operators for the exploration works at these license areas. In 2009, the ongoing exploration work resulted in the discovery of the Zapadno-Chaselskoye field within the Sredniy Chaselskiy license area. In 2010, two new fields were discovered within the Severo Russkiy and Severo-Yamsoveyskiy license areas. Currently, reserve appraisals for these fields are being prepared for review by the State Commission for Reserves.
The acquisition gives the Company full control over the assets and is consistent with its strategy to grow its resource base and increase production of natural gas and liquid hydrocarbons.