OREANDA-NEWS. May 25, 2010. NOVATEK (“NOVATEK” and/or the “Company”) today announced that it has increased its participation in the share capital of OOO Oiltechprodukt-Invest, OOO Petra Invest-M and OOO Tailiksneftegas to 100%. The Company has acquired the remaining participation interests from United Capital Partners Oil and Gas Private Equity Fund, L.P., a member of the family of funds managed by United Capital Partners.

The acquisition provides NOVATEK with full control over the subsidiary companies, which hold the exploration licenses to Sredniy Chaselskiy, Severo Russkiy, Zapadno-Tazovskiy, Anomalniy and Severo-Yamsoveyskiy license areas, as well as the exploration and production license to the Zapadno-Chaselskoye field.

NOVATEK’s wholly-owned subsidiaries, NOVATEK-TARKOSALENEFTEGAS and NOVATEK-YURKHAROVNEFTEGAS, act as operators for the exploration works at these license areas. In 2009, the ongoing exploration work resulted in the discovery of the Zapadno-Chaselskoye field within the Sredniy Chaselskiy license area. In 2010, two new fields were discovered within the Severo Russkiy and Severo-Yamsoveyskiy license areas. Currently, reserve appraisals for these fields are being prepared for review by the State Commission for Reserves.

The acquisition gives the Company full control over the assets and is consistent with its strategy to grow its resource base and increase production of natural gas and liquid hydrocarbons.