OREANDA-NEWS. August 23, 2007. OAO NOVATEK today released its consolidated interim condensed financial information for the three and six months ending 30 June 2007 prepared in accordance with International Financial Reporting Standards (“IFRS”).

In the three and six months ended 30 June 2007, profit attributable to shareholders of OAO NOVATEK increased by RR 717 million and RR 1,347 million, respectively, compared to the corresponding period in 2006 due to a combination of increased natural gas and liquid sales volumes and prices.

In the three and six month periods ended 30 June 2007, natural gas sales volumes increased primarily due to increased production and a net decrease in inventory balances while liquids (stable gas condensate, liquefied petroleum gas, crude oil and oil products) sales volumes increased primarily due to increased crude oil production and a decrease in net volumes of stable gas condensate recorded as goods in transit.

The full set of consolidated interim condensed IFRS financial information, the notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations are available on the Company’s web site (www.novatek.ru).