NOVATEK Increased Its Stake In Nortgas To 50%

MOSCOW, June 25, 2013 /PRNewswire/ -- OAO NOVATEK ("NOVATEK" and/or the "Company") announced today that its equity stake in ZAO Nortgas ("Nortgas") increased from 49% to 50% as a result of an additional issue of shares. The per share purchase price of the additional stake is in line with the price paid for the 49% stake in Nortgas acquired earlier.

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Nortgas holds the hydrocarbon production license for the North-Urengoyskoye field, located in the Nadymskiy and Purovskiy regions of Yamal-Nenets Autonomous District. The North-Urengoyskoye field has proved reserves of 157.3 bcm of natural gas and 21.1 million tons of liquid hydrocarbons, as estimated under SEC reserves methodology at 31 December 2012. During 2012, the field produced 4.2 bcm of natural gas and 426 thousand tons of unstable gas condensate.

OAO NOVATEK is Russia's largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, NOVATEK is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Its upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 90% of Russia's natural gas production and approximately 17% of the world's gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. NOVATEK's shares and GDRs are listed on MICEX-RTS Stock Exchange in Russia and the London Stock Exchange (LSE), respectively, under the ticker symbol "NVTK".

SOURCE OAO NOVATEK