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PPC’s Abandoned and Suspended Well Recovery Program Yields First Results

Kyiv, 5 July 2018 – Poltava Petroleum Company (PPC) has successfully recovered a number of abandoned and suspended wells from own well stock as well as state-owned well stock. According to the latest information, recovery of well MSK158 from PPC’s well stock as well as wells R3, R22 and E52 owned by PJSC “Ukrgazvydobuvannia” and well R15 owned by PJSC “Ukrnafta” was effective.

“We are happy to announce that the abandoned and suspended well recovery program has been successful. We have confirmed that additional extraction volume can be gained from this business area for optimal hydrocarbon extraction,” commented Viktor Gladun, General Director of PPC.

As of today, the average daily production rate at MSC158 is 9,000 m3 of gas and 11 m3 of oil. Well R3 from PJSC “Ukrgazvydobuvannia” stock was successfully restored in May-June 2018 and currently yields on average 180,000 m3 of gas per day. Wells P22 and E52 together yield around 50,000 m3 of gas per day. Well P15 owned by PJSC “Ukrnafta” has also demonstrated a stable production rate, although it had been considered unrecoverable. For this well, special equipment was manufactured taking into account its non-standard construction, which facilitated the effectiveness of recovery works.

“Successful recovery of these wells was made possible by the excellent work of the entire PPC team, particularly the professionalism of the well services department. During the perforation works at well R22, remains of an old perforated tape were discovered and extracted to the surface to open the passage into production tubing. Similar works were also performed at well E52, which required for liquid to be removed from the well with a nitrogen unit prior to perforation. Today, these wells provide a stable production rate, which confirms the effectiveness of these operations,” said Mykola Orynchak, deputy technical director for drilling at PPC.

In addition, recovery works continue at well #11 of Rudenkivske deposit and #10 of Novomykolayivske deposit. Overall, the production intensification program launched in 2017 has yielded a positive dynamic of oil and gas production; in Q2 2018, the increase amounted to 4.4% and 9.1% respectively, compared to Q1 2018. For more information about the program results, please see the quarterly report by JKX Oil&Gas.

As previously reported, PPC has updated its drilling program, which includes well intensification and workover. As part of this program, PPC cooperates with state-owned companies to restore abandoned wells that are located in the company’s licensed areas. The company also conducts similar works to restore its own well stock.