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25.01.2006 Acquisition of Assets

Acquisition of Assets  

OOO LUKOIL-Nizhnevolzhskneft (100% subsidiary of LUKOIL) acquired 51% minus 1 share of OAO Primorieneftegaz.
The amount of the transaction was 261 mln USD.
OAO Primorieneftegaz holds license for geological exploration of the Poymenny area located 60 km north of Astrakhan.
OAO Primorieneftegaz discovered the Tsentralno-Astrakhanskoye gas and condensate field in that area in May 2004. Drilling of Primorskaya Well #1, 4,188 m deep, resulted in commercial inflow with a daily rate of 262,200 cubic meters of gas and 110 cubic meters of condensate.
Approved C1+C2 reserves of the field are:
- free gas – 1.2 trillion cubic meters;
- condensate – 300 million tons.
The probable and possible reserves are estimated at 2.76 billion barrels of oil equivalent.
LUKOIL specialists believe that the production level at the Tsentralno-Astrakhanskoye gas and condensate field may be up to 20 billion cubic meters of gas and 8 million tons of condensate per year that will ensure stable production and refining of hydrocarbons during 30 years.