Production results of Prom-Energo Product for 2020

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Prom-Energo Product is a part of Smart Energy Group that has for reported period:

  • increased its summary gas production by 8.6% and condensate production by 4.8% y-o-y,
  • completed drilling a new well,
  • completed two workovers,
  • installed two new compressors,
  • received the grant of extension of two licences,
  • become an owner of a new licence for Svystunkivsko-Chervonolutske field through acquisition of Arkona Gas-Energy LLC.

For 2020 the total production volume by the companies of the Group increased up to 400.6 mln m3 (against 368.8 mln m3 for 2019) for natural gas and up to 34.7 Ktonnes (against 33.1 Ktonnes for 2019) for condensate.

The average daily production by Prom-Energo Product made up 85.4 Km3/day for gas and 4.0 t/day for condensate. That is 31.0% and 48.1% down y-o-y respectively. The reason of such decline is the natural depletion. Therefore, in Q1, 2020, compression equipment was installed to increase production from Vasyshchivske field. And workover is planned to commence in late Q1 of 2021 to access an alternative reservoir horizon, with the aim of boosting production from this well.

Meanwhile, increase of overall production volumes by Smart Energy in 2020 is a result of wells #61 and #62 launch after workovers at Ostroverkhivske field as well as new volumes of hydrocarbons, resulted with launch of a new well (#54) at Svyrydivske field in May of 2020.

For the reported period well #25 at Svyrydivske field has been drilled to its target depth of 5,320 metres, and logging and completion operations have been performed. It is anticipated that initial testing of the well will commence by the end of January 2021. Subject to successful testing, production hook-up is planned to be completed by the end of Q1 of 2021.

Currently, planning for the drilling of well #29 at Svyrydivske field is progressing, with the well due to be spudded in Q1 of 2021. At Vasyshchivske field planning is continuing for a new well to explore the Vvdenska (VED) prospect within the Vasyshchivske licence area. At Ostroverkhivske field processing and interpretation of data of 3D-seismic studies have been completed. The results provide the ground for drilling a new well, due to be spudded in 2021 as well.

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