November 26, 2014 the court session took place in the commercial court of Yamalo-Nenetskiy Autonomous District in Salekhard to review the court preference filed by Nefte Petroleum Limited on cancelling the approved security claim of Novatek. As a result of the session the court rendered a decision on refusal to satisfy the petition of Nefte Petroleum Limited.
In that regard Nefte Petroleum Limited filed a petition to the commercial court of Yamalo-Nenetskiy Autonomous District to oblige Novatek to provide undertaking, the satisfaction of which was also refused by the court.
Nefte Petroleum Limited disagree with the above mentioned court decisions and considers them illegal, groundless and subject to cancellation. The company intends to further adjudicate its rights in Russian judicial authorities.
November 28, 2014 the preliminary court session took place in the commercial court of Yamalo-Nenetskiy Autonomous District to review the claim of Novatek against Nefte Petroleum Limited to exclude the latter from the participants of YARGEO LLC. Upon the request of lawyers engaged by Novatek the case hearing was postponed to January 20, 2015.