FOR IMMEDIATE RELEASE
Lower Achimov Development Confirmed
Moscow, 12 July 2019. PAO NOVATEK ("NOVATEK" and/or the "Company") today announced that Arcticgas, a joint venture between NOVATEK and PAO Gazprom Neft, successfully completed a horizontal well number "U2802" targeting the lower Achimov formation at the Urengoyskoye field.
An eight-stage hydro-fracturing program was successfully completed utilizing a record-high proppant volume of 2,187 tons at well number "U2802" with a total length of 5,624 meters and a horizontal section of 1,500 meters. A unique wireless inflow monitoring technology using marked proppant was implemented. Permanent downhole pressure and temperature gauges are also used in the production to monitor real-time data.
Utilizing state-of-the-art technologies the well achieved a daily flow rate of more than one million cubic meters of natural gas and 500 tons of gas condensate, confirming significant prospect to develop the lower Achimov deposits.
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global gas market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company's upstream activities are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 80% of Russia's natural gas production and approximately 15% of the world's gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company's shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».
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