Located in the central part of the Dneiper-Donetsk basin, the Elizavetovskoye licence covers an area of 70sq.km and is approximately 45 km from PPC’s existing production licences.

The licence benefits from having a structural feature that is associated with the adjacent Mashivske field. A number of wells have been drilled on this feature and some have been placed on production. PPC’s licence contains three such producing wells. The producing wells are owned by Ukrgasvydobuvannya, a subsidiary of Naftogas of Ukraine, the state oil and gas company, and are tied into its production facility. Negotiations with Ukrgasvydobuvannya to resolve the issues related to these wells, and to establish conditions under which PPC can initiate production from this licence, continue with limited success to date.