JV Poltava Petroleum Company (PPC), one of the largest private oil and gas producers in Ukraine, has announced its operating results for the nine months of 2018. During the period from January through September 2018, PPC increased gas, oil and condensate production, continued work under the revised drilling program, and improved the results of the program to restore abandoned and mothballed wells from the state-owned company fund.
Gas production has amounted to 134 million cubic meters for the nine months of 2018 that shows an increase by 0.6% compared with the corresponding period of 2017. The third quarter of 2018 was particularly marked by production growth. During this period, 16.2% more gas was produced than in the second quarter of the current year. Oil and condensate production has amounted to 26 thousand tones for three quarters.
Production growth has been made possible by the implementation of PPC’s well enhancement and workover program, the intermediate result of which is 7 restored wells from the state-owned enterprises fund and 4 from its own fund for the period January-September 2018. Among the important factors, it is worth noting the completion of drilling the lateral well bore IG101 of the Ignativske deposit and drilling a new well (E308 of the Yelizavetivske deposit)– for the first time since 2015
For the third quarter of 2018, PPC paid UAH 152 million of rental fee for gas, oil and condensate production, UAH 7.6 million of it was assigned to local budgets of Poltava region administrative units, namely to the budgets of Nehvoroshchanska UTU, Drabinivska UTU, Basilischivska and Nikolska village councils. For January-through September, the company paid UAH 397 million to the general state budget, local budgets received UAH 19.84 million of it.
“We are happy that our Company continues to develop dynamically, and the revised drilling program gives a positive trend. We have managed to achieve production growth in the third quarter of this year, thus the Group’s overall production figures has been raised in Ukraine. The PPC’s well workover and enhancement program continues to produce positive results, and therefore is an effective tool for the development of the gas production sector in Ukraine”, – Viktor Gladun, JV PPC General Director, said.
Besides, according to the results of quarterly report published by JKX Oil&Gas, the parent company, there was increase in production across the Group by 8.1% in the third quarter of 2018 compared to the second quarter of 2018, and the Group’s annual production increased by 3.6%.