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Poltava Petroleum Company Provides Access to Its Own Geological Data

JV PPC disclosed data about the Yelizavetivske deposit

Kyiv, 15 November 2018 – Today, JV Poltava Petroleum Company (PPC) published its own geological data on the Yelizavetivske deposit, thus becoming the first gas producing company in Ukraine to voluntarily disclose such data. As a result of this project, the company expects to provide further incentive for disclosing such information by all gas producing companies, as well as for continued large-scale reform of the subsoil use system.

The project has been made possible thanks to the update of the “Procedures for managing geological data” by the Cabinet of Ministers of Ukraine. Previously, such information was restricted and unavailable publicly or in digital format.

“We expect that a step such as providing open access to data on our deposits will stimulate the process of disclosing geological data in Ukraine. First, it is standard international practice to provide free access to data ranging from deposit history to detailed description of wells. Second, access to geological data has been marred by questionable schemes throughout the history of independent Ukraine, and the price for such information has often been overinflated.

We want to show that this process can and should be civilized and transparent. Therefore, we have decided to take the first step. Today, we are launching the process of providing open access to geological data and would like to encourage other companies to support us. This way, we will make possible truly ambitious reform of the gas industry,” commented Viktor Gladun, General Director of JV PPC.

As the first step towards disclosure of geological data in Ukraine, PPC has published information about the history of the Yelizavetivske deposit, including data on its exploitation and drilling, information about the availability of seismic surveys, as well as structure maps. The document also contains data on extraction volumes throughout the deposit’s history, which is very important for its assessment. Such data will make it possible to assess the prospects of a specific deposit, while the general public will have an opportunity to monitor the exploitation of subsoil resources.

As a reminder, on November 7, 2018 the Cabinet of Ministers of Ukraine liberalized the procedure for managing geological data via Resolution No. 939 published on November 7, 2018.