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Bringing PPC’s 2019 First New Drill into Production

Poltava, May 3, 2019 – JV Poltava Petroleum Company (PPC) is announcing the start of production from well 3 West Mashivska (WM3). This well is the first new drill by the Company in 2019. It is a directional well with a 625 m step-out. The well was drilled with the TD at 3570 m and was initially tested at 126 Mcmd of gas and 19 bpd of condensate (761 boepd).

“In line with the approved five-year development plan, the Company started its activities on the West Mashivske licence. The first Mashivske project, a workover in well 215 operated by PPC under a service contract with UGV, was successfully implemented last year. In December 2018, a new drill, WM3, was spudded. And today, I am glad to say that the well has started producing.  We continue assessing the field potential and have run a 3D seismic acquisition. PPC’s plans include drilling a few more new wells on its licenses,” said Victor Gladun, PPC General Director.

“This is the first well PPC has drilled on the West Mashivske field. Despite complicated geological conditions, the well was drilled without any serious issues. The well was perforated and brought into production. All of the operations were performed by local contractors with drilling services provided by Specmechservis (SMS), directional services rendered by Ukrnaftagazservis and muds supplied by NDIKB BI,” said Mykola Orynchak, PPC Technical Director.

In September 2018, JKX Oil& Gas plc, PPC’s parent company, approved the PPC development plan for five years.  Well WM3 was drilled within the framework of the plan. We would like to remind that it is the second well drilled after almost five years of no drilling. Also, we would like to mention that PPC’s plans for 2019 include a few more new drills and sidetracks.

In addition to drilling new wells, the Company continues implementing the workover programme to enhance production from its own wells and those leased from the third parties. Due to these projects, PPC’s hydrocarbon production increased by 35.1% in Q1 2019 compared to Q4 2018.