Pjsc Tatneft Regulatory News (ATAD)

26 Mar 2009 14:45



26 March 2009

Tatneft's Board discussed preliminary results of 2008

On 26 March 2009 the Board of Directors of OAO Tatneft ("Tatneft" or the "Company") discussed at the meeting of the Board of Directors of the Company, inter alia, the results of the Company for 2008.* 

The Company produced 25 766 000 tons of oil in 2008, an increase of 0.1% from 2007, with approximately 11.7 mln tons produced employing enhanced recovery methods. The Company also produced 763 mln cubic meters of associated gas, an increase of 3.2% from 2007.

Tatneft continued tests of technology for production of bitumen on Ashalchinsky oil field with three pairs of horizontal wells that produced 12.7 thousand tons high viscous oil in 2008. So far, 19.7 thousand tons of bitumen oil were produced.

Production outside Tatarstan amounted to 294 000 tons, an increase of 50% from 2007. 

Sales in 2008 were 371 bln Rubles and net sales (excluding VAT and customs duty) amounted to 219 bln Rubles, an increase of 11.4% from 2007. Income before tax constituted 50 bln Rubles. 

Total investments in 2008 amounted to 22.2 bln Rubles (an increase of 39% from 2007) with investments to exploration and production drilling of 7 bln Rubles.

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* Please note that the figures presented herein have been prepared on a non-consolidated basis for OAO Tatneft only in accordance with Russian Accounting Rules and have not been audited by an independent auditor.

Forward-looking statements: This information may contain certain forward-looking statements of OAO Tatneft. OAO Tatneft does not guarantee occurrence of any events mentioned in such statements as well as term of their occurrence.