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JV Poltava Gas and Oil Company Increases Gas Production by 55% in 2019
Poltava Petroleum Company,
Kyiv, Ukraine, Feb 21, Fri, 2020
JV Poltava Gas and Oil Company (JV PPC) announces 2019 production results.
During the period from January to December 2019, the JV PРC increased the production of all hydrocarbons. The company successfully drilled 4 new wells (ZM-3, HN-81, Ign-142 and ZM-4), started drilling the fifth HH-82 well, which it completed in January 2020; began drilling the side barrel – Ore 101, and also completed 11 major well repairs (CRC). The total investment of JV PPC during the year was $ 18 million solely at its own expense.
Gas production for the twelve months of 2019 amounted to 280.7 million m3, which indicates a 55% increase in production compared to 2018. Oil and condensate production for the four quarters amounted to 47.4 thousand tons, which is 41% more than the previous year. The company also produced 13.7 thousand. LPG tons, up 22% from 2018.
“In 2019, despite the rapid fall in gas prices, as well as working conditions at 80% depleted fields, the Poltava Gas and Oil Company has shown strong production and financial results. The company has increased gas production by 55% and oil by condensate by 41%. In terms of production growth, JV PPC is a leader among Ukrainian gas producing companies. Moreover, in 2019, the company increased its liquidity compared to last year’s data. This result is made possible by the professional work on each drilling and CRC project by our specialists and our partners.
For 2020, we have an approved field development program and a corresponding budget approved by JKX’s parent company. The company will also continue its search for new investment properties in Ukraine, ”said Victor Gladun, CEO of the company.
According to the report of the parent company JKX Oil & Gas plc, production for the 12 months of 2019 across the Group has increased by 20% compared to 2018.