Re Revocation of License from Bashneft-Polyus
According to the information obtained by the Company, the Federal Agency on Subsoil Use (Rosnedra) has revoked its own order on granting a license to subsoil use, including the R.Trebs and A.Titov fields, to OOO Bashneft-Polyus (a joint venture of OAO ANK Bashneft and OAO LUKOIL, in which OAO LUKOIL has a 25.1% stake). The Agency also announced the return of the license to OAO ANK Bashneft.
ОАО ANK Bashneft and OAO LUKOIL are discussing further cooperation scenarios as regards the development project of the R.Trebs and A.Titov fields and are looking for a way out.
OAO LUKOIL reserves the right to dispute the Agency’s decision in the manner prescribed by the laws.