OREANDA-NEWS. On 14 February 2008 Novatek announced that the Company’s Board of Directors approved the purchase of up to, but not more than, 3.0% of Novatek ’s ordinary shares outstanding, in the form of GDR’s, as part of a share buy back program. The program will be carried out on a long-term basis and its implementation is currently being reviewed by the Company.

Novatek plans to use the buy back program for possible future financing activities and for the Company’s ongoing implementation of a compensation and incentive program.