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JV PPC has successfully completed drilling of the third well from the beginning of the year

PPC drilled third well in 2019

Kyiv, July 19, 2019 – JV Poltava Petroleum Company (PPC) reports on successful testing of the new well 142 of Ignatovske field (IG142). The average daily production rate on a restricted choke(6mm) is 152 thousand m3 of gas and 110 m3 of oil and condensate. The result exceeded initial expectations. This is the third well that PPC has drilled since the beginning of 2019.

The well was drilled to a depth of 2515 meters in 33 days. A perforation was carried out at intervals of only 3 meters of the 30 meters of hydrocarbon thickness. These results exceeded the original expectations.

A team of specialists from geological and technical departments successfully completed the task of drilling a new IG-142 well. Production figures exceeded our expectations. Poltava Petroleum Company exceeded the figures for last year, despite the depletion of licenses by more than 80%. This is a demonstration that the company has chosen an effective work program for the most rational use of such deposits.

Taking into account the results of sidetracks drilling of wells Nos. 103, 101, drilling of a new well No. 142 of Ignatovske field, as well as 3D seismic data, clarified the geological model of Ignatovske structure and identified promising areas for further drilling in order to assess and expand the area,” said Victor Gladun, CEO of the JV PPC.

According to the results of the first half of 2019, the JV PPC produced 131.3 million m3 of natural gas and 20.5 thousand tons of oil and condensate. The increase in gas production was 57% and 19% of oil and condensate compared to the first half of 2018. Additional production volumes were achieved thanks to the drilling of new wells, successful workovers, and production enhancement.