Buyback program

On 7 June 2012, the Company’s Board of Directors approved a buyback program in respect of ordinary shares of NOVATEK and/or Global Depositary Receipts representing shares (each GDR representing 10 shares) in the aggregate amount of up to 600 million US dollars. On 19 May 2016, the Company's Management Board approved the extension of the share buyback program until 7 June, 2017, keeping the size of the program and other terms unchanged. 
  
The decision to implement a share buyback program reflects the confidence of NOVATEK’s Board of Directors in the fundamental value of its shares and GDRs. In implementing the share buyback program, NOVATEK undertakes a balanced approach to the allocation of funds ensuring the development of the Company’s core exploration and development activities as well as maximizing the distribution of capital to shareholders, while maintaining a stable and prudent capital structure.
 
Shares and GDRs acquired pursuant to the Program may be used for purposes of financing the Company's operations or utilized in the Company's compensation and incentive program for management and key employees.
 
Buyback Program Information
 
PeriodQuantity of shares, including GDRs
12-23 November 2012485,000
26-29 November 2012440,000
11-15 March 2013 954,030
18-22 March 2013591,860
25-28 March 2013423,210
2-5 April 2013384,710
8-12 April 2013317,250
15-19 April 2013641,460
22-26 April 2013511,520
29 April - 3 May 2013340,340
14-17 May 2013370,780
20-24 May 201357,350
3-7 June 2013453,080
10-14 June 2013300,720
22-26 July 2013177,110
12-16 August 201380,000
03-10 March 2014305,000
11-14 March 20142,476,250
17-21 March 20141,030,650
24-27 March 2014657,160
31 March - 4 April 20141,050,000
14-17 April 2014874,940
21-25 April 20141,269,190
28 September - 2 October 2015257,490
9-13 November 2015220,000
30 November - 4 December 2015324,570
7-11 December 2015213,000
4-18 December 2015225,000
28 December 2015 - 8 January 2016138,420
18-22 January 2016140,000
4-8 July 2016160,620
25-29 July 2016247,330
1-5 August 2016289,040
12-16 September 2016199,600
19-23 September 2016290,000
Total

16,896,680