FPI will review the field data and determine as rapidly as possible, but no longer than 30 days, which fields will be accepted for rehabilitation and expansion. Following selection, a work program and budget will be prepared for each field within 15 days. Operational control will be assumed by FPI after review and acceptance of the work program by NaftoGas Ukraine. FPI expects the process to be completed quickly.
According to Bisultanov, "Our agreement with Ukraine is one of the first steps the government is taking to achieve energy independence. THE SAHARA GROUP's partner in this venture, FIRECREEK PETROLEUM Inc., will determine which of the offered fields presents the best opportunity to move in that direction. Our goal is to help Ukraine grow its oil and gas industry thereby improving the standard of living for all Ukrainians."
"The seven fields are just the beginning of our investment in Ukraine," said Alexander. "Ukraine has offered and we have accepted the responsibility to rehabilitate as many fields as we can. We intend to move as rapidly as possible, after a thorough evaluation by our technical team headed by Dr. James C. Howard, to assume control of as many qualified fields as NaftoGas Ukraine offers to turn over."
"We have the technical team standing by to review the available geologic data on each of the selected fields," FIRECREEK PETROLEUM President and Chief Executive Officer John R. "Rick" Taylor explained. "Since most of these fields have been producing oil and gas for some time, we don't anticipate any delays at this time in getting the preliminary evaluation and work programs finished and approved."
EGPI Firecreek Inc., through its Firecreek unit, is focused on oil production with an emphasis on acquiring existing oil fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories on an international basis.
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