NOVATEK Reports Preliminary Operating Data for First Quarter 2011

7 Apr 2011 14:21

NOVATEK REPORTS PRELIMINARY OPERATING DATAFOR FIRST QUARTER 2011

Moscow, 7 April 2011. OAO NOVATEK (NOVATEK and/or the Company) today reported preliminary production data for the first quarter 2011.

Gross production for the first quarter totaled 13.43 billion cubic meters of natural gas and 1.03 million tons of liquids (gas condensate and crude oil). Gross natural gas production increased by 3.45 billion cubic meters, or by 34.6%, and gross liquids production increased by 159 thousand tons, or by 18.4%, as compared with the corresponding gross production in the first quarter 2010.

In the first quarter 2011, NOVATEK processed 974 thousand tons of unstable gas condensate at the Purovsky Gas Condensate Processing Plant.

The Company's preliminary stable gas condensate export volumes amounted to 723 thousand tons for the first quarter 2011 as compared to 412 thousand tons in the corresponding period of 2010. At 31 March 2011, we had approximately 49 million cubic meters of natural gas and 282 thousand tons of stable gas condensate in transit or storage and recognized as inventory.

NOVATEK hydrocarbon production for the first quarters of 2010 and 2011

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Information provided in this press release presents expected results of OAO NOVATEK operations in the first quarter 2011. The information represents preliminary assessment only, which can be adjusted after statistical, financial, fiscal and business reporting becomes available. The information on NOVATEK's operational results in this press release depends on many external factors and therefore, provided all permanent obligations imposed by the London Stock Exchange listing rules are unconditionally observed, cannot qualify for accuracy and completeness and should not be regarded as an invitation for investment. Therefore, the results and indicators actually achieved may significantly differ from any declared or forecasted operational results in 2011. • NOVATEK assumes no obligation (and expressly declares that it has no such obligation) to update or change any declarations concerning any future results, both due to new information obtained, any future events or for any other reasons.

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For further information, please visit www.novatek.ru or contact:

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OAO NOVATEK is Russia's largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company's 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 83% of Russia's natural gas production and 16% of the world's gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company's shares are listed on the Russian Trading System (RTS), MICEX Stock Exchange and the London Stock Exchange (LSE) under the ticker symbol "NVTK" and on the NASDAQ PORTAL System as Rule 144A GDR under the ticker symbol "NVATY".

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