Yarudeyskoye Oil Field Hits Full Production

OAO NOVATEK (NVTK.ME) announced today that the Yarudeyskoye oil field has reached its planned production capacity of 9,700 tons of crude oil per day, which is equivalent to approximately 3.5 million tons per annum.

Twenty-four production wells are currently in operation at the field with average flow rate exceeding 400 tons of crude oil per day per well.

Chairman of the Management Board of NOVATEK, Leonid V. Mikhelson stated: “The Yarudeyskoye field was launched in December last year and it has ramped up to its full production capacity in a record short period of time as planned. The new volumes of crude oil produced at this field will positively impact the dynamics of our production in 2016 and will contribute substantially to our Free Cash Flow generation”.