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A new oilfield in Achimov Formation was discovered in Yamal-Nenets Autonomous Area in 2010. The productive deposits penetrated by the wells are characterised by effective thicknesses of about 80 meters and about 40 meters net-pay thicknesses. The total estimated geological reserves and resources are more than 200 mln. tons. The reservoirs show wide range of porosity and permeability that makes a challenge for license holders to find new approaches for field development. Stages and results of 3D geological model building, reserves estimation are considered in this paper. Recommendations on launching the development of the oilfield are given.