NVTK: OAO Novatek: NOVATEK achieves design capacity at the Yurkharovskoye field

  NVTK: OAO Novatek: NOVATEK achieves design capacity at the Yurkharovskoye
  field

UK Regulatory Announcement

MOSCOW

FOR IMMEDIATE RELEASE

                       NOVATEK ACHIEVES DESIGN CAPACITY

                         AT THE YURKHAROVSKOYE FIELD

Moscow, 31 October 2012. OAO NOVATEK (“NOVATEK” and/or the “Company”)
announced today the launch of the fourth stage of Phase Two development at the
Company’s Yurkharovskoye field, which allows achieving design production
capacity of the field. The fourth stage complex includes two gas treatment
trains with total annual capacity of seven (7) billion cubic meters (bcm).
Their launch allows increasing natural gas production at the field to a
plateau level of 36.5 bcm per annum.

The Company is also finalizing commissioning tests at the first stage of
compressor booster station, which includes three compressor units with total
capacity of 75 MW. The booster compression station is required to keep plateau
production level at the Yurkharovskoye field.

According to NOVATEK’s CEO, Leonid Mikhelson, “The fourth stage was launched
on schedule and we intend to apply the successful development experience of
the Yurkharovskoye field to our new projects, such as SeverEnergia and Yamal
LNG”.

Note:

The Yurkharovskoye field is located within the Polar Circle southeast of the
Tazovsky peninsula. The field is licensed to our wholly owned subsidiary OOO
NOVATEK-YURKHAROVNEFTEGAS, and has been producing natural gas and gas
condensate since 2003. The field’s proven (SEC) reserves at 31 December 2011
amount to 445.6 bcm of natural gas and 24.2 million tons of liquid
hydrocarbons. In the first nine months of 2012, the field produced
approximately 24.6 bcm of natural gas and two (2) million tons of unstable gas
condensate.

                                     ***

For further information, please visit www.novatek.ru or contact:

Press Service       Investor Relations

+7 (495) 721 2207  +7 (495) 730 6013

press@novatek.ru    ir@novatek.ru

                                     ***

OAO NOVATEK is Russia’s largest independent gas producer and the
second-largest natural gas producer in Russia. 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 in the prolific Yamal-Nenets Autonomous Region, which is the
world’s largest natural gas producing area and accounts for approximately 84%
of Russia’s natural gas production and approximately 17% of the world’s gas
production. NOVATEK is an open joint stock company established under the laws
of the Russian Federation. The Company’s shares are listed in Russia on
MICEX-RTS Stock Exchange and the London Stock Exchange (LSE) under the ticker
symbol “NVTK”.

Contact:

OAO Novatek