OAO NOVATEK announced the initial launch of the Urengoyskoye field within the Company's Olimpiysky license block, with the field's production capacity estimated at one (1) billion cubic meters (bcm) of natural gas per annum.

Four (4) production wells have been completed at the field, of which three (3) wells are already producing natural gas. The Urengoyskoye field has proved natural gas reserves of 21 bcm, as estimated under SEC reserves methodology at 31 December 2012.

Tags: NOVATEK