OREANDA-NEWS. August 6, 2007. OAO NOVATEK announced today that it has acquired a 25% participation interest in each of the following companies; OOO Oiltechprodukt-Invest, OOO Petra Invest-M and OOO Tailiksneftegas, from United Capital Partners Group. The acquired companies hold exploration licenses to Sredniy Chaselskiy, Severo Russkiy Yuzhno-Zapolyarniy, Zapadno-Tazovskiy, Anomalniy and Severo-Yamsoveyskiy license areas.
 
The license areas are located in the Yamal Nenets Autonomous Region and are in close proximity to the Company’s existing fields and license areas.   The six exploration license areas have an aggregate area of 21,572 square kilometers and a combined resource base of approximately 9 billion barrels of oil equivalent, of which over 60% is natural gas, of category “C3” and “D” reserves under the Russian reserve classification system.
 
NOVATEK’s wholly-owned subsidiaries, NOVATEK-Tarkosaleneftegas and NOVATEK-Yurkharovneftegas, will act as operators for the exploration works to be carried out at the license areas. The Company will have the opportunity to purchase an additional 25% in the charter capital of the holders of the license areas after production licenses are granted and if the license areas are deemed economically viable.
 
The license acquisitions are consistent with the Company’s strategy to grow its resource base and maintain its position as the leading independent gas producer in the Russian Federation.