Moscow, 15 May 2006. OAO NOVATEK today announced its financial results for

the three months ended 31 March 2006 prepared in accordance with Russian

Accounting Standards (RAS).

NOVATEK’s net profit for the first quarter 2006 increased to RR 3.249 billion from

RR 2.373 billion for the same period of 2005. Revenues increased from RR 9.017

billion for the first quarter 2005 to RR 11.459 billion, or by 27 percent, reflecting

growth in natural gas and liquids sales, as well as continued favorable conditions in

the domestic and international oil and gas markets.

The full RAS report for the first quarter 2006 has been filed to Federal Service for

Financial Markets and available on the Company’s web-site at www.novatek.ru.