Increase in production Q1 201810 Jan 2018 09:11
In November 2017, the Company entered into an agreement with NJSC Ukrnafta, the partially State-owned oil and gas producer, relating to the SV-12 well, which is a suspended well owned by NJSC Ukrnafta located within the Company's SV licence area. Under the agreement, the Company agreed to investigate the re-activation of this well, which may include a workover of the well, and, if this action is successful, the well will be brought back into production, with the gas and condensate produced from the well being sold under an equal net profit sharing arrangement between the Company and NJSC Ukrnafta. Initial work has commenced on the well to ascertain which operations are likely to be required to re-activate the well.
At the VAS field, mobilisation of equipment for the acquisition of 3D seismic has commenced, and preparation for the VAS-10 well is well underway, with spudding of this well expected in mid-February 2018.