Tatneft wins tender in Libya

27 Dec 2006 07:00

O.A.O. Tatneft22 December 2006 Tatneft wins tender in Libya On 20 December 2006 third round of a tender was held to sign agreements forexploration and production sharing (EPSA IV) with respect to 14 new licensedareas in Libya, incorporating 41 blocks of total area of almost 100 thousandsquare kilometers. From 23 companies representing 15 countries winners withrespect to 11 licensed areas were determined at the tender. OAO Tatneft was announced as a winner with respect to 3 licensed areas,incorporating 7 blocks of total area of more than 16 thousand square kilometers.On these territories within the next 5 years the Company is planning to carryout 9,500 kilometers of 2D seismological works and drill at least 16 explorationwells. Total estimated resources of all three licensed areas are approximately 1billion 24 million tons of oil. OAO Tatneft already has one signed contract with the Libyan side and carries outgeological and exploratory works on the territory of Libya through aTatarstan-based company TNG-Group. Under this contract in 2007 Tatneft willcommence drilling its first exploration well. * Today OAO Tatneft continues the implementation of signed agreement forexploration and production sharing in Syria, services agreements in fewcountries, considering further opportunities to promote its technologies in oilmarkets of Middle East, Asia and Africa. In the Russian Federation, outside of Tatarstan, OAO Tatneft is carrying outexploration works in five regions, test oil production has started in Orenburg,Ulyanovsk, Samara Regions, Republic of Kalmykia. In the next few years theCompany plans to acquire new licenses, expand exploration works and increaseproduction in these regions. Forward-looking statements: This press release contains certain forward-lookingstatements of OAO Tatneft. OAO Tatneft can give no assurance that any of theevents mentioned in such statements will occur, or as to the precise timing oftheir occurrence This information is provided by RNS The company news service from the London Stock Exchange