NOVATEK's 1Q Production Zooms

OAO NOVATEreported today preliminary operating data for the first quarter 2016.

NOVATEK (NVTK.ME)’s marketable production totaled 17.24 billion cubic meters (bcm) of natural gas and 3,208 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in natural gas production by 1.09 bcm, or by 6.7%, and an increase in combined liquids production by 1,217 thousand tons, or by 61.1% as compared with the first quarter 2015.

The Company processed 3,232 thousand tons of unstable gas condensate at the Purovsky Processing Plant, which represented a 29.8% increase as compared with the corresponding volumes processed in the first quarter 2015.

In the first quarter 2016, NOVATEK processed 1,779 thousand tons of stable gas condensate at the Ust-Luga Complex, which was 4.7% higher than the volumes processed at the facility in the first quarter 2015. Preliminary first quarter 2016 petroleum product sales volumes aggregated 1,881 thousand tons, including 1,151 thousand tons of naphtha, 297 thousand tons of jet fuel, and 433 thousand tons of fuel oil and gasoil. Export sales of stable gas condensate amounted to 479 thousand tons.

As at 31 March 2016, NOVATEK had 0.4 bcm of natural gas and 395 thousand tons of stable gas condensate and petroleum products in storage or transit and recognized as inventory.