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Poltava Petroleum Company Increased Production in Q1 2019

Kyiv, 17 April 2019 – JV Poltava Petroleum Company (PPC) has announced its Q1 2019 results. From January through March 2019, PPC increased gas production, proceeded with the well workover and production enhancement programme, completed a new drill and run a 3D seismic acquisition survey.

From the Q1 2019 results, PPC’s average daily hydrocarbon production has increased by 35.1% compared to Q4 2018. The Company produced 63.796 MM m3 of natural gas and 9.412 M t of oil and condensate in the first three months of 2019. The average daily production has increased by 56.5% for gas and by 13.4% for oil and condensate compared to the respective period of the previous year. This achievement has been made possible due to the Company’s efficient well workover and enhancement programme with the side-tracking of well 103 in the Ignativske field being the most successful project.

Q1 has witnessed the new drill completion in the West Mashivske field. Currently, there is work in progress to bring the well on line. Also, PPC has finished a 3D seismic acquisition over this field. The data acquired is being processed.

I am happy to say that Poltava Petroleum Company continued increasing its production in Q1. The hydrocarbon production has exceeded the previous quarter by 35.1%. To increase production, we have been running workover operations in our own wells, reinstating some of the leased wells, and have already commenced implementing a new drilling programme. In Q1, we have completed drilling well 3 in West Mashivske. The 103 side-tracking is a successful example of production enhancement activity. The Q1 average production rate is 237.692 M m3 per day. We intend to keep increasing production and feel confident looking forward to new opportunities for cooperation and investment”, said Viktor Gladun, JV PPC General Director.

For the three months in 2019, PPC’s production taxes for natural gas, oil and condensate amounted to UAH 175.5 million, with UAH 8.7 million of it directed to local budgets within Poltava Oblast including the communities of Nekhvoroshcha, Drabynivka, Tereshky and Bazylivshchyna.

In addition to that, the quarter report published by JKX Oil & Gas plc, PPC’s parent company, shows that the Group production increased by 11.6% in Q1 2019 compared to Q4 2018 and by 13.2% compared to Q1 2018.

JV Poltava Petroleum Company, a joint Ukrainian-British venture, was founded in 1994. JV PPC is a leader among non-state oil and gas producers in Ukraine. The Company’s scope of activities: prospecting and exploration for oil and gas, and hydrocarbon production and processing. By applying advanced technologies and techniques, Poltava Petroleum Company makes its contribution to Ukraine’s energy independence.