A regular meeting of the PJSC TATNEFT's Board of Directors chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Kazan on November 27, 2015.

The meeting reviewed the results of the budget execution for ten months of 2015 and approved the budgets for December of the current year and for 2016.

The information about the main results of the financial and economic activities of the Company was presented to the Board of Directors. The Company produced 19 million 885 thousand tonnes of crude oil during nine months of the current year, which was 1.4% more than in the corresponding period of 2014. The volume of associated gas produced amounted to 668 million cubic meters. The amount of 267 thousand tonnes of extra-viscous oil was produced at Ashalchinskoye oil field, which was 56% above the corresponding period of the last year. The total volume of oil produced since the beginning of thermal methods application amounted to 830 thousand tonnes as of October 1, 2015.

Net revenues (without VAT and export tax) from the sale of shipped products or the reported period amounted to 349.2 billion rubles. The pre-tax profit came to 90.2 billion rubles, while the net profit amounted to 69.7 billion rubles.

The Board of Directors meeting discussed the effectiveness of the horizontal drilling technologies. It was pointed out that their further improvement was one of the most important challenges in the Company's production activities. The horizontal drilling allows increasing crude oil production from the fields that have been producing for a long time, including commercial development of the areas previously considered inefficient or demonstrating low profitability.

The Board of Directors reviewed the investment program implementation progress and the investment program draft for 2016.

The Board of Directors also considered a number of other issues of PJSC TATNEFT's activities.

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