Gazprom Neft Granted Extension for Conducting Lopukhovskiy Block Geological Survey till End of 2010

The Federal Agency for Subsoil Use (Rosnedra) has granted Gazprom Neft the extension of the license for geological survey at the Lopukhovskiy license block on the Sakhalin Continental Shelf till December 31, 2010.

Presently, the Company continues reserve evaluation works, conducts engineering surveys and develops oil well construction program. It is expected that the first exploratory well will be drilled in 2009.

Tentatively, the evaluation conducted by JSC Gazprom Neft on the basis of available data indicates that the overall reserves at the Lopukhovskiy license block may total over 100 million tons of crude oil equivalent.