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Shtokman FID Not Delayed but Further Economic and Technical Work Required, Framework Agreements Extended

Shtokman Development AG Board of Directors Set Priorities for Further Work on the Shtokman Project (Phase 1)

The regular meeting of Shtokman Development AG (SDAG) Board of Directors was held in Moscow on March 29, 2012. Based on the decisions of December meeting, the Board reviewed whole scope of issues related to the Project Final Investment Decision (FID).

The shareholders are confident that the Project can be improved further, both technically and economically. They agreed that their efforts should continue to be focused on optimizing the Project and strengthening the dialogue with the Russian authorities. They expressed their appreciation to SDAG team for their in-depth work and dedication and, reaffirming their commitment to the Project, the shareholders decided to extend the Framework Agreements till July 1, 2012.

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