Novatek of Russia Increases Share in Nortgas

NOVATEK, Russia’s largest independent gas producer, announced that its equity stake in 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.

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

[mappress]