OREANDA-NEWS. April 01, 2014. A regular meeting of the Board of Directors of JSC TATNEFT chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Kazan.

The Board of Directors reviewed the TATNEFT's budget execution for two months in 2014 and approved the budget for April and the second quarter of this year.

A report on the state of the geological study and execution of pilot projects on shale oil was presented to the Board of Directors. The total recoverable reserves of TATNEFT Group of companies in shale deposits are estimated in the amount of about 192 million tons as of the beginning of 2014. Currently geological and geophysical data are being studied; wells have been selected for performance of hydraulic fracturing in during this year. Hydraulic fracturing had been carried out in the Dankov-Lebedyanskiy deposits of Bavlinsky oil field. The Board of Directors approved the oil shale work program for 2014 - 2015 years and also approved the structure of creating the testing grounds for the Domanik deposits shale oil in the Republic of Tatarstan.

The Board of Directors meeting decided to recommend to the general meeting of the shareholders of TATNEFT to approve JSC "Energy Consulting/Audit" as the Auditor for performance of the statutory audit of the Company's annual financial statements.
The Board of Directors also considered a number of other issues of JSC TATNEFT activities.