Gazprom Neft to Perform Geological Survey of Valyntoyskiy License Area in YaNAO in the Coming Three Years

Gazprom Neft intends to perform a geological survey of Valyntoyskiy license area in YaNAO. The Company owns an exploration and production license entitling it to the geological survey of subsurface with production of crude hydrocarbons to follow. The program for Valyntoyskiy area geological survey is scheduled for three years to start in 2009 through 2011.

Within the mentioned stage of the subsurface survey, two exploration wells are to be constructed as early as this year. Besides, 3D seismic surveys will be launched in the coming winter. To fulfill exploration operations and the requirements of the license agreement in accordance with the project, Gazprom Neft will invest RUR 1.37 bln. within the said period of time.

Proven reserves of Valyntoyskiy license area are estimated at 44 mln. tons.