OREANDA-NEWS. On December 25, 2007 the OAO TATNEFT Board of Directors held its regular meeting chaired by the Prime-Minister of the Republic of Tatarstan, reported the press-centre of OAO TATNEFT.

The Board of Directors considered the OAO Tatneft's budget performance for eleven (11) months of 2007 and approved the January 2008 and the 1Q2008 Budgets. The 2008 Cash Flow Forecast was accepted at the meeting.

The Board of Directors discussed the progress of the 2007 Exploration Program implementation. As of 01.11.2007 OAO Tatneft holds seventy-nine (79) licenses to explore for and produce hydrocarbons in the Republic of Tatarstan, Ulyanovsk and Samara Regions, the Nenets Autonomous District. Besides, three licenses have been obtained in 2007. The OAO Tatneft's reserves addition in 2007 is expected to amount to 34 MM tonnes. In 2007 the Cheroozersky oilfield has been discovered in Tatarstan with recoverable reserves of C1 and С2 categories estimated at 783 M tonnes and 343 M tonnes, respectively. Based on the exploration activities conducted in 2007 the reserves attributable to nine oilfields have been certified in the State Reserve Commission under the Ministry of Natural Resources of the Russian Federation. The reserves estimates for nine extra-viscous oil fields have been performed followed by their approval by the Russian Federation State Reserves Commission. For 2007 OAO Tatneft's 2D seismic data acquisition would cover about 6,9 thousand km, exploratory drilling meterage would be over 74,2 thousand m. The Board of Directors marked out the availability of a large potential for the Company to boost its resource base and oil output.

The Board of Directors considered the report on the unified corporate style promotion in order to enhance the Company's positive image in the long term. New Company's Logo promotion campaign has been going on since January 1, 2007. The uniform visual design standard applies to many lines of the Company's business ranging from the office paperwork and printed promotional materials to the production facilities, including gas stations. The Board of Directors assigned the Executive Management to continue promotion of unified corporate style at the business units and subsidiaries of the Company. 

The Board of Directors made a decision to start the arrangements for OAO Tatneft's Annual Shareholders' General Meeting dedicated to the 2007 Business Performance Results. The Board approved the Working Commission Team led by the OAO Tatneft's CEO Sh. F. Takhautdinov to arrange the meeting.

The Board of Directors also discussed a number of relevant issues related to OAO Tatneft's business.