Rustam Minnikhanov holds board session of OAO “Tatneft”

On March 27, a regular board session of OAO “Tatneft" chaired by Tatarstan President Rustam Minnikhanov was held in Kazan. The Board of Directors reviewed the company’s budget execution for two months of 2014 and approved the budget for April and second quarter of the current year.

A report on the state of the geological study and implementation of pilot projects on shale oil was presented at the session. As of the beginning of 2014, the company’s recoverable reserves in shale deposits made about 192 million tonnes. Currently, geology and geophysics data are being studied, wells that will be hydraulically fractured have been chosen. The hydraulic fracturing has been carried out in the Dankov-Lebedyanskiy deposits of Bavlinsky oil field.

The Board approved the shale oil development programme for 2014-2015 as well as the structure of creating the testing grounds for the Domanik deposits shale oil in Tatarstan.

The Board decided to recommend to the general meeting of TATNEFT shareholders to approve JSC "Energy Consulting/Audit" as the Auditor for performance of the statutory audit of the Company's annual financial statements.

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