NOVATEK to report third quarter 2009 IFRS results
OAO Novatek
FOR IMMEDIATE RELEASE
NOVATEK TO REPORT THIRD QUARTER 2009 IFRS RESULTS
OAO NOVATEK today announced that it will release its unaudited
consolidated interim condensed financial information as of and for the
three and nine months ended 30 September 2009, prepared in accordance
with International Financial Reporting Standards (“IFRS”), on 13
November.
The Company would like to draw the attention of investors and analysts
to certain events that occurred during the three months ended 30
September 2009 (3Q 2009) that had a direct impact on our revenues and
expenses during the period.
1. During the quarter we recorded eight (8) tankers as sold, or
approximately 467 thousand tons of stable gas condensate, representing
an increase of 41.9% over the corresponding 3Q 2008. We previously
indicated in our 3Q 2009 operational results press release that seven
(7) tankers were shipped for export; however, after further review, it
was determined that the additional tanker satisfied the IFRS
requirements for recognition as sold during the period.
2. At period end, we recorded approximately 503 million cubic meters of
natural gas and 202 thousand tons of stable gas condensate as inventory.
3. During the quarter our average transportation distance per thousand
cubic meters for traders in remote points decreased by approximately
29.7% compared to the 2Q 2009, thus enhancing average netbacks during
the quarter.
The Company will provide more information regarding these and other
matters pertaining to the financial results in its unaudited
consolidated interim condensed financial information for the three and
nine months ended 30 September 2009 and during its upcoming earnings
conference call. Specific details on the earnings conference call will
be provided next week.
Certain statements in this press release are not historical facts and
are “forward looking” within the meaning of Section 27A of the
Securities Act and Section 21E of the US Securities Exchange Act of 1934
(hereinafter, the Exchange Act). Forward looking statements include
statements concerning our plans, expectations, projections, objectives,
targets, goals, strategies, future events, future revenues or
performance, capital expenditures, financing needs, plans or intentions
relating to acquisitions, our competitive strengths and weaknesses,
plans or goals relating to forecasted production, reserves, financial
position and future operations and development, our business strategy
and the trends we anticipate in the industries and the political and
legal environment in which we operate and other information that is not
historical information. By their very nature, forward looking statements
involve inherent risks and uncertainties, both general and specific, and
risks exist that the predictions, forecasts, projections and other
forward looking statements will not be achieved.
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For further information, please visit www.novatek.ru
or contact:
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 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. 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”.
