Project Profile
Value: Undisclosed
Location: Central part of the Dnieper-Donets basin, Eastern Ukraine
Reserves (EUR): 2.5 million BOE
Production: 2.7 MMcfd (only by M-53 well)
Area: 70 square km
Start-up Year: 4Q 2013 (gas production)
The Elizavetovskoye exploration licence is located in the central part of the Dnieper-Donets basin and covers an area of 70 square km. It is approximately 45km from PPC’s existing production licences. Reserves in the license are estimated to be around 22 BCF (3.7 MMboe). 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. The license is owned by the state company Ukrgasvydobuvannya (UGD) and is being operated under a Joint Producing Agreement (JPA) between JKX Oil and Gas Plc 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 JPA is valid for three years and, if justified by test production from well M-53, it envisages the recompletion of the two further existing wells in the Elizavetovskoye licence and the installation of a stand-alone gas treatment plant. Thereafter, PPC can develop the field as it chooses and all production from any wells drilled by PPC will be wholly owned by PPC.
Operators:
Ukrgasvydobuvannya (UGD): Owner with 100% interest
Joint Producing Agreement (JPA)
Poltava Petroleum Company PPC (JKX’s wholly owned subsidiary) UGD and LLC KhAS: 100% operating interest