NOVATEK Acquires Tambeyneftegas
OREANDA-NEWS. July 07, 2010. NOVATEK (“NOVATEK” and/or the “Company”) announced that it has acquired a 100% equity stake in OAO Tambeyneftegas, the holder of the exploration and production license to the Malo-Yamalskoye natural gas and gas condensate field. The Company acquired the stake from the following Cypriot companies; SIRITIA VENTURES Ltd., ALDI TRADING Ltd., INNECTO VENTURES Ltd. and ORSEL CONSULTANTS Ltd. for total consideration of ten million US dollars.
The Malo-Yamalskoye reserves, according to the Russian C1+C2 reserve classification, amount to 161 billion cubic meters of natural gas and 14.4 million tons of gas condensate1, or approximately 1.2 billion barrels of oil equivalent. The field is located in the southern portion of the Yamal peninsula, near
The acquisition is consistent with the Company’s strategy to participate in the development of the Yamal peninsula, as well as increasing its resource base and production capacity of natural gas and liquid hydrocarbons.