The Elizavetovskoye license is located in the Poltava region, approximately 45km from JKX's existing producing licenses, and lies in the central part of the Dneiper-Donetsk basin, the main producing area in eastern Ukraine. The license contains a seismically defined prospect which Ukrainian estimates indicate has the potential to contain up to 50 Bcf of gas in early Permian and late Carboniferous sediments at approximately 4,000 m depth. In addition, there are three existing wells within the license which were drilled in the late 1980's in association with the Mashivske field development; these wells are still producing modest levels of gas and condensate, but no reserves are currently attributed to them. Discussions are being initiated with the local subsidiary of Naftogas of Ukraine, the State oil and gas company, to effect a transfer of the wells to JKX.
Approximately 180km of 2-D seismic data have been recorded over the license. The Company's immediate plans are to purchase and reprocess all available seismic information to assess the requirement for further seismic data acquisition, and to evaluate both the production history and operating condition of the existing wells in order to determine their suitability for work-over.
JKX is continuing its discussions with the relevant Ukrainian authorities to acquire further exploration and production licenses.
Most Popular Articles