E&P Program and Financial Strategy

Operational Metrics NOVATEK Metric 2003 2004 2005 2006 2007 3yr Avg4 Lifting costs, $/boe 0.43 0.38 0.52 0.45 0.58 0.52 F&D costs, $/boe 0.72 1.06 0.30 0.57 3.14 1.46 RR costs, $/boe 1,2 0.72 0.69 0.30 0.66 3.70 1.13 RR rate³ 249% 118% 313% 144% 107% 198% We rank as the second lowest cost producers in the global oil and gas industry as confirmed by the IHS Herold and Harrison Lovegrove "Global Upstream Performance Review" editions 2006 and 2007 Notes: Includes acquisition cost for oil and gas assets not included in appraisal reports RR costs per boe could potentially increase above guidance based on current trends in acquisitions of O&G companies and assets and increasing costs for new licenses 1. 2. 3. Based on gross production for all fields 4. According to IHS Herold and Harrison Lovegrove 22

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