Novatek Increases Reserves with Tambeyneftegas Acquisition
Novatek has acquired a 100% equity stake in OAO Tambeyneftegas, the holder of the exploration and production license to the Malo-Yamalskoye natural gas and gas condensate field. The Company acquired the stake from the following Cypriot companies; Siritia Ventures, Aldi Trading, Innecto Ventures and Orsel Consultants for total consideration of $10MM.
The Malo-Yamalskoye reserves, according to the Russian C1+C2 reserve classification, amount to 161 billion cubic meters of natural gas and 14.4 million tons of gas condensate, or approximately 1.2 billion barrels of oil equivalent. The field is located in the southern portion of the Yamal peninsula, near Kamenny Cape and in the general vicinity of Gazprom's Bovanenkovo-Ukhta trunk pipeline construction project.
The acquisition is consistent with the Company's strategy to participate in the development of the Yamal peninsula, as well as increasing its resource base and production capacity of natural gas and liquid hydrocarbons.