Gazprom Neft (GZPFY: OTC Link) | Gazprom Neft acquires a deposit in the Orenburg region

Gazprom Neft acquires a deposit in the Orenburg region

Sep 05, 2011

OTC Disclosure News Service

Moscow, Russian Federation – The Gazprom Neft Group has acquired 100% of ZAO Centre of Science-Intensive Technologies, which holds exploration and production licenses for hydrocarbons in the Tsarichanskoye field – the largest of those discovered in the Orenburg region in recent years. According to Gazprom Neft’s estimates, recoverable hydrocarbon reserves in the field may exceed 25 million tons.

“Gazprom Neft is familiarising itself with a new territory – the Orenburg region, which will become, in the long run, another oil production center for the company. Gazprom Neft is planning to expand its presence in the region, both through the development of the underlying asset – the Eastern part of the Orenburg field, and through engaging other blocks to ensure a synergistic effect”, – said Vadim Yakovlev, the First Deputy CEO of Gazprom Neft.

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The Tsarichanskoye field is located in an area with a developed infrastructure, relatively close to the Eastern part of the Orenburg oil and gas condensate field. The license for the development of the Tsarichanskoye field was obtained in 2007 and issued for a period of 20 years. Since 2010, a subsidiary of Gazprom Neft – Gazpromneft Angara – has been working in the Eastern part of the Orenburg field under a management contract. Soon to be completed is the anticipated acquisition by Gazprom Neft of the license holder for the Eastern part of the Orenburg field – Gazprom Neft Orenburg.

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/GZPFY/news?id=35131

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