The Elizavetovskoye exploration licence is located in the central part of the Dnieper-Donets basin and covers an area of 70sq.km. It is approximately 45km from PPC’s existing production licences.
In 2012 test production from well M-53 commenced which flowed gas and condensate and was been tied back through a test separator to the adjacent Mashivske field processing facility from where it is being exported into the Ukrainian gas pipeline network.
Well M-53 is owned by the state company Ukrgasvydobuvannya (“UGD”) and is being operated under a Joint Producing Agreement (“JPA”) between JKX’s wholly owned Ukrainian subsidiary, Poltava Petroleum Company (“PPC”), UGD and its agent LLC KhAS. Under the JPA, PPC receives one third of production from the well as the Elizavetovskoye licence holder.
The two shut-in production wells on the licence are owned by Ukrgasvydobuvannya, a subsidiary of Naftogaz of Ukraine, the state oil and gas company, and are tied into its production facility.
The data acquired from well M-53 has given us sufficient confidence to justify a stand-alone development and the final design and work programme will be submitted for approval by the authorities in 2013.
PPC will retain 100% of the revenue from all new wells on the field.
as at 31 December 2012
|Oil + Gas (MMboe)