The shareholders of Novatek have approved interim dividend payment for January-September period at the Extraordinary Meeting held on December 14, 2005. It is planned to pay out 1.144 billion rubles or 377 rubles per share, Novatek said.

Last year Novatek stockholders paid out dividends to an aggregate of 1.44 billion rubles or 642.84 rubles per share over the nine months.

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 and processing of natural gas and liquid hydrocarbons and had 4.1 billion oil equivalent barrels of proved reserves at the end of 2004. The Company's upstream activities are concentrated in the Yamal-Nenets Region, which is the world's largest natural gas producing area and accounts for over 90% of Russia's natural gas production and 20% of the world's gas production.

In the first quarter of 2005, Novatek three core fields produced 47.4 mmboe (approximately 526,000 boe per day), consisting of 6.6 bcm of natural gas, 459.8 mt of gas condensate and 33.5 mt of crude oil, representing over 99% of our total hydrocarbon production. In 2004, these fields produced 150.2 mmboe (approximately 410,000 boe per day), consisting of 20.4 bcm of natural gas, 1.8 mmt of gas condensate and 123.1 mt of crude oil, an 18.2% increase over production from these fields in 2003.

"AK&M", 15/12/2005 18:24