27.09.2010 LUKOIL Exercises Option to Acquire Shares from CP

OAO "LUKOIL" (the “Company”) announces that on 26 September 2010, LUKOIL Finance Limited, a wholly-owned indirect subsidiary of the Company, exercised an option to acquire 42,500,000 ADRs (each representing one ordinary share of the Company) (the "ADRs") from Springtime Holding Limited (an affiliate of ConocoPhillips) (“Springtime”) and sold the ADRs in a back-to-back transaction to UniCredit Bank AG (“UniCredit”), at USD 56.00 per share. The transaction will be directly settled by Springtime with UniCredit on 29 September 2010.