Australia-listed Hawkley Oil & Gas has received an independent report firming up the resource potential of its wholly-owned Sorochynska licence in the Poltava region of Ukraine.
The resource assessment by Moyes & Company estimated the Visean sandstones within the licence area, which covers the B17, B18, B19 and B22 reservoir intervals, to hold mean contingent resources of 248 billion cubic feet of gas and 7.2 million barrels of condensate.
It also estimated the carbonate B24/25 reservoir in the licence area to hold mean prospective resources of 168 Bcf of gas and 3.5 million barrels of condensate.
Hakley chief executive Richard Reavley said the company had been satisfied with the findings of the independent report.
“It underpins the fact that there is a lot more upside on our Sorochynska license than previously thought, especially from the B19 sand in the East Block which is what we are intending to appraise with the 202 well,” he said.
“Sorochynska now has [proven plus possible plus probable] recoverable reserves of 51 Bcf from the B18 sand with significantly more prospectivity in other target reservoirs on the license.”
As well as allowing it to boost output at the field, the production licence also allows Hawkley to construct a gas plant within the licence area to further enhance production rates and accommodate future production from new wells.