Experts say Talakan has nothing to do with YUKOS's quotes decrease

Today's decrease in YUKOS's quotes is not connected with the agreement on selling Talakan (Yakutia) oil and gas field property to Surgutneftegas, Lev Snykov, a NIKoil analyst, told RBC. According to the expert, "this is completely neutral news for YUKOS as the cost of the property that is being sold amounts to tens of millions of dollars. Such assets, sold or bought by YUKOS, cannot alter the company's net worth significantly."

At the same time Snykov thinks that this is positive news for Surgutneftegas since the new owner of the license for Talakan development can start the actual work at the field and ensure the production level that will be enough for the region's internal needs in the near future. "In view of a recent statement made by Russian Natural Resources Minister Yury Trutnev, there remains some doubt regarding proprietary rights to this field, but Surgutneftegas is still the main contender to win the Talakan field at an auction," Snykov believes. According to him, if a second auction is held, the company will just have to pay a sum of money larger than offered by Surgutneftegas in 2001 ($61m).

As of 12.50 p.m. today, Surgutneftegas's shares advanced 1.13 percent and YUKOS's shares lost 1.07 percent on the Moscow Interbank Currency Exchange (MICEX).

Today YUKOS and Surgutneftegas declared that they had reached an agreement regarding selling the Talakan oil and gas field property owned by YUKOS. According to the agreement between YUKOS, Surgutnegtegas and the government of the Sakha Republic (Yakutia), Sakhaneftegas (a YUKOS subsidiary) will effect sales transactions of the Talakan oil and gas field property, including Lenaneftegas, to Surgutneftegas. Surgutneftegas will sign an agreement package with Lenaneftegas, within the framework of which Lenaneftegas will render oil operator services to Surgutneftegas at the Talakan field.

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Author`s name: Editorial Team