NVTK: OAO Novatek: NOVATEK Board оf directors approve transaction

  NVTK: OAO Novatek: NOVATEK Board оf directors approve transaction

UK Regulatory Announcement

MOSCOW

                NOVATEK BOARD ОF DIRECTORS APPROVE TRANSACTION

Moscow, 09 November 2012. OAO NOVATEK (“NOVATEK” and/or the “Company”) today
held a Board of Directors meeting which unanimously approved the acquisition
of a 49% equity stake in ZAO “Nortgas”.

All of the necessary corporate approvals have been received to effectively
close the deal, as well as receiving the tentative agreement from the Federal
Antimonopoly Service of the Russian Federation approving the transaction and
Gazprom’s waiver of its pre-emptive rights to acquire the stake.

Note

ZAO Nortgas holds the hydrocarbon production license for the
Severo-Urengoyskoye field, located in the Nadym-Pur-Taz and Purovskiy regions
of the Yamal-Nenets Autonomous District.

According to international petroleum firm DeGolyer & MacNaughton, the PRMS
proved reserves of Nortgas as of 31 December 2011 were appraised at 1.7
billion barrels of oil equivalent. During the first nine months 2012, the
Severo-Urengoskoye field produced 3.1 billion cubic meters of natural gas and
320 thousand tons of de-ethanized gas condensate.

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

Press Service           Investor Relations

+7 (495) 721 2207    +7 (495) 730 6013
press@novatek.ru
                        ir@novatek.ru


                                     ***

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 84%
of Russia’s natural gas production and approximately 17% 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 in Russia on
MICEX-RTS Stock Exchange and the London Stock Exchange (LSE) under the ticker
symbol “NVTK”.

Contact:

OAO Novatek