OREANDA-NEWS  On 12 November NOVATEK announced additional information about 3Q financial and operational results.

(1)          During the three (3) months ending 30 September 2008, NOVATEK had withdrawn USD  600 million of funds available through our USD denominated syndicated loan (in addition to USD  200 million withdrawn earlier).
 
The Russian rouble depreciated against the US dollar by 7.6% during the third quarter 2008, resulting in a negative foreign exchange difference for the period amounting to approximately RR one (1) billion.
 
(2)          During the period, we increased stable gas condensate (SGC) in transit, particularly volumes stored in storage tanks at the port and in rail cars, by approximately
115 thousand tons as compared to the third quarter 2007. In addition, at the period end (30 September 2008), we increased SGC in transit by approximately 88 thousand tons.
 
Our commercial activities in the third quarter 2008 were affected by the hurricane season in the Gulf of Mexico, particular Hurricane Ike, for delivery of SGC to the United States. Due to repairs at the receiving port in Houston, Texas, one tanker which was scheduled to arrive by quarter end was subsequently unloaded in October.