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Tatneft: Board Meeting

A regular meeting of the Board of Directors of OAO TATNEFT chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Kazan (Republic of Tatarstan) on September 28, 2012.

The meeting reviewed the OAO TATNEFT’s budget execution for eight months of 2012 and approved the budget for October and the fourth quarter of the current year, as well as discussed forecasts of the Company’s financial and economic activity for 2013.

The Board of Directors was briefed on the progress in the construction of the combined hydrocracking installation of the TANECO Complex.

The Board of Directors discussed the information about the technological efficiency of drilling new wells and development of horizontal drilling at the Company’s fields. A wide range of new technologies for well completion has been systematically applied at OAO TATNEFT over the last decade. They are actively applied not only at newly drilled wells, but also for rehabilitation of the old wells through side-tracking lateral and lateral horizontal wellbores. The Company performs the ongoing analysis of the technologies application with replacement or addition of new and promising ones. The experience accumulated has convincingly proved the cost efficiency of drilling wells with horizontal wellbores compared to the vertical ones. The Executive Management of the Company was instructed to continue working in this direction.

The Board of Directors also considered a number of other issues of OAO TATNEFT activities.

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