Tatneft' : Regular Meeting of the TATNEFT’s Board of Directors

The regular meeting of the Board of Directors of PJSC TATNEFT chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Almetyevsk (Republic of Tatarstan) on December 27, 2016.

The Board of Directors reviewed the budget execution results for eleven months of 2016 and approved the budget for January and the first quarter of 2016.

The Board of Directors considered the information on new approaches in the area of the wells' construction and workover. Since 2015, the Company had been implementing the strategy of increasing the efficiency of services procurement in the area of well workover and enhanced oil recovery with the economic effect of the implementation exceeding RUB 1 billion. Together with the services of the Executive Office, NGDU, Engineering Center, 'TatNIPIneft' R&D Institute the work is continued at the Company on the introduction of new technologies and technical solutions in the area of the well stimulation work: performance of multi-stage fracturing, acidizing with compositions with improved properties, etc. The Well Interventions Centre was established at the Company to search for new technologies in this area.

A new scheme of drilling operations has been elaborated, which main advantages include a common approach to planning, engineering design and management of the well construction process, improving the work efficiency through the application of best practices and the accumulated experience, as well as creating a competitive environment for service providers.

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

Forward-looking statements: This press-release and the materials it refers to contain certain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of a historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. PJSC TATNEFT assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.