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Sibneft And Yukos Agree Chukotka Joint Venture

Moscow, 9 August 2001; Sibneft and Yukos have agreed to set up a joint venture to study offshore zones in the Chukotka and East Siberian Seas off the coast of the Chukotka autonomous district.

Initially, the partners will process existing seismic data from the area. They later intend to conduct further seismic studies, which may be followed by exploration drilling.

Sibneft and Yukos will hold equal shares in the joint venture to be established in the third quarter, with financing and management to be shared equally by the two partners.

Sibneft is currently drilling its first onshore exploration well in Chukotka from a site on Molchalivy island. The company is also preparing to develop the West Ozyornoye gas field.