Proactiveinvestors United Kingdom Hawkley Oil & Gas https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Hawkley Oil & Gas RSS feed en Thu, 23 May 2019 04:02:52 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Hawkley Oil & Gas Ltd to reveal latest on sale of Ukraine assets ]]> https://www.proactiveinvestors.co.uk/companies/news/165312/hawkley-oil-gas-ltd-to-reveal-latest-on-sale-of-ukraine-assets-70344.html Hawkley Oil & Gas Ltd (ASX:HOG) has been granted a trading halt by the ASX, pending an update on the proposed sale of its Ukraine assets.

The halt will remain in place until the opening of trade on Friday 12th August 2016, or earlier if an announcement is made to the market.

 

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Wed, 10 Aug 2016 10:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/165312/hawkley-oil-gas-ltd-to-reveal-latest-on-sale-of-ukraine-assets-70344.html
<![CDATA[News - Hawkley Oil & Gas Ltd to update on asset sale ]]> https://www.proactiveinvestors.co.uk/companies/news/136970/hawkley-oil-gas-ltd-to-update-on-asset-sale-70185.html Hawkley Oil & Gas Ltd (ASX:HOG) is preparing to outline details in regards to the proposed sale of its Ukraine assets.

Hawkley has been granted a trading halt by the ASX to prepare.

The halt will remain in place until the opening of trade on Thursday 4th August 2016, or earlier if an announcement is made to the market.

 

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Tue, 02 Aug 2016 13:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136970/hawkley-oil-gas-ltd-to-update-on-asset-sale-70185.html
<![CDATA[News - Hawkley Oil and Gas Limited among ASX % Gainers intra-day ]]> https://www.proactiveinvestors.co.uk/companies/news/136968/hawkley-oil-and-gas-limited-among-asx-gainers-intra-day-67526.html Tuesday's leading ASX % Gainers intra-day.

Company NameCodeLastChangeVolume Hawkley Oil and Gas Limited
HOG $0.005 66.67% 2,830,769 AnaeCo Limited
ANQ $0.003 50% 687,500 Odin Energy Limited
ODN $0.019 35.71% 49,630,520 Rewardle Holdings Ltd
RXH $0.140 33.33% 230,000 India Resources Limited IRL $0.004 33.33% 323,984 Inca Minerals Ltd
ICG $0.004 33.33% 1,979,895 4DS Memory Ltd
4DS $0.026 30% 150,000 Argosy Minerals Limited
AGY $0.018 28.57% 22,208,275 Intra Energy Corporation Ltd
IEC $0.009 28.57% 148,000 Latitude Consolidated Ltd
LCD $0.050 25% 17,825

 

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Tue, 15 Mar 2016 15:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/136968/hawkley-oil-and-gas-limited-among-asx-gainers-intra-day-67526.html
<![CDATA[News - Hawkley Oil & Gas, Indo Mines take charge of intra-day % gainers ]]> https://www.proactiveinvestors.co.uk/companies/news/136966/hawkley-oil-gas-indo-mines-take-charge-of-intra-day-gainers-62636.html Thursday's leading % Gainers intra-day.

CompanyCodeLastChangeVolume Hawkley Oil & Gas HOG $0.007 75% 1,876,000 Indo Mines IDO $0.024 60% 265,000 Cougar Metals CGM $0.003 50% 1,659,950 Australian Proteins AYB $0.009 50% 62,735 Elementos ELT $0.009 28.57% 690,018 Ventnor Resources VRX $0.045 28.57% 2,153,531 Chinalco Yunnan CYU $0.019 26.67% 100,000 Malachite Resources MAR $0.005 25% 1,000,000 Cullen Resources CUL $0.005 25% 1,689,999 Aus Asia Mining AQJ $0.005 25% 100,000

 

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Thu, 28 May 2015 13:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136966/hawkley-oil-gas-indo-mines-take-charge-of-intra-day-gainers-62636.html
<![CDATA[News - Hawkley Oil and Gas to provide update from Ukraine ]]> https://www.proactiveinvestors.co.uk/companies/news/136964/hawkley-oil-and-gas-to-provide-update-from-ukraine-59533.html Hawkley Oil and Gas (ASX:HOG) has been granted a trading halt by the Australian Stock Exchange, pending an update on gas production from its Ukraine Well 201.

The halt will last until the opening of trade on Monday 15th December 2014, or earlier if an announcement is made to the market.

 

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Thu, 11 Dec 2014 15:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/136964/hawkley-oil-and-gas-to-provide-update-from-ukraine-59533.html
<![CDATA[News - Hawkley Oil & Gas to provide update from Ukraine ]]> https://www.proactiveinvestors.co.uk/companies/news/136962/hawkley-oil-gas-to-provide-update-from-ukraine-59086.html Hawkley Oil & Gas (ASX:HOG) has been granted a trading halt by the Australian Stock Exchange today, with its shares placed in pre-open.

Hawkley Oil requested the halt pending an investigation into reports of a significant decrease in gas production from its Ukraine gas well.

For the September 2014 quarter, the company said production at the Sorochynska Field Totalled 194 mmscf gas and 3,618 Bbls of condensate.

Total income from production during the period was US$1.89 million.

The halt will remain in place until the opening of trade on Monday 24th November 2014, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 20 Nov 2014 14:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/136962/hawkley-oil-gas-to-provide-update-from-ukraine-59086.html
<![CDATA[News - Hawkley Oil & Gas selling Ukraine assets to Black Star Petroleum ]]> https://www.proactiveinvestors.co.uk/companies/news/136960/hawkley-oil-gas-selling-ukraine-assets-to-black-star-petroleum-58161.html Hawkley Oil & Gas (ASX:HOG) has entered into a binding agreement to sell its producing Ukraine oil and gas operations to Black Star Petroleum (ASX:BSP) for 600 million BSP shares.

The Sorochynska 201 well in the Sorochynska Licence produced an average 2.2 million standard cubic feet of gas and 49 barrels of condensate during the 2014 financial year.

Hawkley will distribute the BSP shares directly to its shareholders.

The sale is subject to the standard conditions including due diligence, Black Star obtaining all regulatory approvals as well as shareholders of both companies approving the transaction.

Hawkley’s wholly owned subsidiaries Janita Global Limited, Ukraine Investments Pty Ltd, Ukraine Gas Investments Pty Ltd and Prime Gas, which are the subject of the agreement, hold the Sorochynska, Stoliarovska and Chernetska licences.

The company has been reviewing new opportunities within Ukraine, Russia and other FSU countries along with continuing efforts to secure new business opportunities in Myanmar and the wider Asian region.

It is currently considering two specific corporate transactions with the aim of providing diversification and a new direction for the company.



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Tue, 14 Oct 2014 14:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136960/hawkley-oil-gas-selling-ukraine-assets-to-black-star-petroleum-58161.html
<![CDATA[News - Hawkley Oil and Gas granted halt, to reveal asset disposal ]]> https://www.proactiveinvestors.co.uk/companies/news/136958/hawkley-oil-and-gas-granted-halt-to-reveal-asset-disposal-58119.html Hawkley Oil and Gas (ASX:HOG) is set to outline the finalisation of a material asset disposal, with the ASX granting the company a trading halt.

HOG's shares are currently in pre-open.

Included in the company's portfolio are assets in the Ukraine, and in the June 2014 quarterly the company outlined that it continued to make considerable progress on farm-out negotiations.

The halt will remain in place until the opening of trade on Wednesday 15th October 2014, or earlier if an announcement is made to the market.

 

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Mon, 13 Oct 2014 09:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136958/hawkley-oil-and-gas-granted-halt-to-reveal-asset-disposal-58119.html
<![CDATA[News - Hawkley Oil & Gas' production and revenue unaffected by Ukraine tensions ]]> https://www.proactiveinvestors.co.uk/companies/news/136956/hawkley-oil-gas-production-and-revenue-unaffected-by-ukraine-tensions-54413.html Hawkley Oil & Gas (ASX:HOG) should trade firmer after confirming that its operations in Ukraine have not been impacted by the ongoing geopolitical tensions currently being experienced in certain areas of the country.

The location of Hawkley’s Sorochynska 201 well and production facility are in areas entirely unaffected by the current situation.

As such, Hawkley continues to operate as normal, staff in the field and in the head office in Kiev are safe and well. 

In addition, the gas compressor unit has now been installed at the Sorochynska 201 well, which will allow Hawkley to maximise production from the field, with the potential to increase recoveries and expected production levels.

Increased recent gas prices are also expected to have a positive impact on Hawkley's cash inflows this quarter.

Hawkley continues to pursue farm-out and joint venture agreements with suitable partners, and target suitable project participation opportunities that offer near-term revenue generation potential.

Given its robust production profile, Hawkley could present value at its current market cap of under $6 million.

 

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Thu, 17 Apr 2014 16:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136956/hawkley-oil-gas-production-and-revenue-unaffected-by-ukraine-tensions-54413.html
<![CDATA[News - Hawkley Oil and Gas reveals acquisition, expansion aspirations in Ukraine and Myanmar ]]> https://www.proactiveinvestors.co.uk/companies/news/136954/hawkley-oil-and-gas-reveals-acquisition-expansion-aspirations-in-ukraine-and-myanmar-50634.html Hawkley Oil and Gas (ASX:HOG) has revealed it is undertaking several expansion strategies to leverage revenue from oil produced at its Sorochynska field in Ukraine.

The company is partnering with Azimuth Ltd to bid for three shallow water blocks in Myanmar, with allocations due early next year.

Azimuth is an offshore focused exploration company active through 37 offshore exploration licenses containing 85 blocks offshore Norway, Ireland, UK, and Namibia, where it is the largest single offshore exploration area holder with 70,000 square kilometres.

Hawkley is also negotiating the acquisition of near-term producing assets in Ukraine and the Former Soviet Union.

Hawkley is presently capitalised at around $6 million.

 

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Thu, 28 Nov 2013 10:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/136954/hawkley-oil-and-gas-reveals-acquisition-expansion-aspirations-in-ukraine-and-myanmar-50634.html
<![CDATA[News - Hawkley Oil & Gas updates Sorochynska well 202 ]]> https://www.proactiveinvestors.co.uk/companies/news/136951/hawkley-oil-gas-updates-sorochynska-well-202-41314.html Hawkley Oil & Gas (ASX: HOG) has provided another update today, further to the announcement on 18th March regarding the commissioning of its gas plant, regarding the Sorochynska well 202.

As per previous announcements, and following the recent tests which concluded in late January with encouraging initial results, the well had been shut in prior to connection to the newly commissioned gas plant.

Initial attempts to restart the well proved unsuccessful and therefore a coiled tubing unit was mobilized to lift a significant column of liquid (mainly condensate and drilling fluid) from the well bore.

From around the perforated interval of the Upper 18 sands, a thick sludge or emulsion was extracted which on initial examination appeared to be a mixture of condensate, mud filtrate, drilling mud and possibly a calcium carbonate sizing material (a drilling mud additive).

The company has since sent the sludge or emulsion for analysis at a laboratory in Ukraine where those tests are currently ongoing. Results of that analysis will allow the company to identify the optimum remedial solution to obtain production from the well.

HOG is focused on exploration and exploitation of undeveloped discoveries in the Dneiper-Donets Basin in Ukraine.

 

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Wed, 27 Mar 2013 09:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/136951/hawkley-oil-gas-updates-sorochynska-well-202-41314.html
<![CDATA[News - Hawkley Oil & Gas completes acquisition of Ukranian licence ]]> https://www.proactiveinvestors.co.uk/companies/news/136949/hawkley-oil-gas-completes-acquisition-of-ukranian-licence-41188.html Hawkley Oil & Gas (ASX:HOG) has acquired 100% of new licence area in the Dnieper-Donets basin in Ukraine that has total unrisked prospective recoverable resource of 193 billion cubic feet of gas equivalent.

The 20 year Stoliarovska production licence was acquired from Ukrgeoinvest for a total consideration of US$2.6 million and was funded in cash.

The licence covers an area of some 47 square kilometres and is located on the southern flank of the South Afanasivska structure, down dip of the South Afanasivska oil and gas field where there is oil and gas production from several levels in the Carboniferous (Visean and Serpukhovian) and up dip from the Anastasivska gas field.

Both fields have been in production for more than 25 years.

Three possible plays including stratigraphic channel play of Serpukhovian age; fault closures on downthrown side of normal faults and fault closers below reverse faults have been identified.

The Ukrainian State carries prospective resources of 89.7 billion cubic feet of gas and 10.4 million barrels of oil for the fault closures alone.

An additional stratigraphic trap has been identified in a Serpukhovian (Middle Carboniferous) channel body which has the potential to contain a prospective resource of up to 42Bcf gas and the charge and presence of reservoir is considered to be extremely low risk.

The licence area is covered by a 2003 vintage grid of 2D seismic data. In order to further exploration there, Hawkley will acquire additional seismic data to mitigate structural risk and identify optimal well locations.

The reservoir objectives are estimated at depths between 2800 metres and 3400 metres, which is significantly shallower than Hawkley’s other permits and has associated significant potential for reduced drilling times and costs.

They had a cash balance of $4.84 million at the end of last quarter.

 

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Mon, 25 Mar 2013 11:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/136949/hawkley-oil-gas-completes-acquisition-of-ukranian-licence-41188.html
<![CDATA[News - Hawkley Oil & Gas flows commercial gas and condensate from Ukraine well ]]> https://www.proactiveinvestors.co.uk/companies/news/136947/hawkley-oil-gas-flows-commercial-gas-and-condensate-from-ukraine-well-38610.html Hawkley Oil & Gas (ASX: HOG) has flowed commercial gas and condensate on a narrow choke during testing of its Sorochynska 202 well in Ukraine.

During the test, the Upper B18 interval flowed at a calculated rate of about 0.9 million cubic feet of gas per day while the clean out of the considerable volumes of water and nitrogen used during the installation of the through tubing inflatable packer.

Hawkley expects the well to be brought into production with an increased choke size and the corresponding increase in flow rate.

It will carry out extended production testing over next few weeks to establish optimal choke size and stabilised flow rate projections.

These tests will provide a clear indication of recoverable reserves from this well and also provide a greater level of understanding about the longer term potential of the reservoir.

The company is also laying flow line to connect the Sorochynska 201 and 202 wells to its owned and operated gas processing plant.

Commissioning of the plant is expected in mid-February and is expected to result in higher production rates and lower operating costs.

 

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Wed, 23 Jan 2013 12:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/136947/hawkley-oil-gas-flows-commercial-gas-and-condensate-from-ukraine-well-38610.html
<![CDATA[News - Hawkley Oil & Gas flows gas, further testing in Ukrainian well ]]> https://www.proactiveinvestors.co.uk/companies/news/136944/hawkley-oil-gas-flows-gas-further-testing-in-ukrainian-well-36807.html Hawkley Oil & Gas (ASX: HOG) is carrying out additional testing and technical analysis of its Ukraine development well that is expected to deliver a major increase in production.

While the well continues to flow liquids rich gas at a commercial rate, this continues to fluctuate on a daily basis.

As a result, Hawkley has been unable to establish a stabilised flow rate.

Hawkley had perforated the Upper B18, the Lower B18 and the Upper B19 horizons at Sorochynska-202, which was drilled to provide an additional production location for the Upper B18 sand.

While reservoir development of the Upper B18 appears to be slightly less than prognosed at this location, it is mitigated by the improved development of the Lower B18 with the total pay in both B18 sands being close to expectation.

Sorochynska 202 could double Hawkley’s production from the Sorochynska field.

 

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Tue, 04 Dec 2012 12:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/136944/hawkley-oil-gas-flows-gas-further-testing-in-ukrainian-well-36807.html
<![CDATA[News - Hawkley Oil & Gas flowing gas from Ukraine development well ]]> https://www.proactiveinvestors.co.uk/companies/news/136941/hawkley-oil-gas-flowing-gas-from-ukraine-development-well-36490.html Hawkley Oil & Gas (ASX: HOG) is flowing liquids rich gas as it continues to clean up its Ukraine development well that is expected to provide a major boost in production.

Completion fluid has been cleaned out from the Sorochynska-202 well though the continued build-up of wellhead pressure indicates the well is still cleaning up at present.

Once pressure has stabilised, the company’s technical team will be able to measure the condensate content and the stabilised flow rates can be reported.

Information on which horizons the gas and condensate is flowing from will also be established then.

Hawkley had perforated the Upper B18, the Lower B18 and the Upper B19 horizons at Sorochynska-202, which was drilled to provide an additional production location for the Upper B18 sand.

While reservoir development of the Upper B18 appears to be slightly less than prognosed at this location, it is mitigated by the improved development of the Lower B18 with the total pay in both B18 sands being close to expectation.

Sorochynska 202 could double Hawkley’s production from the Sorochynska field.

 

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Wed, 28 Nov 2012 10:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/136941/hawkley-oil-gas-flowing-gas-from-ukraine-development-well-36490.html
<![CDATA[News - Hawkley Oil & Gas to production test Ukraine gas well ]]> https://www.proactiveinvestors.co.uk/companies/news/136939/hawkley-oil-gas-to-production-test-ukraine-gas-well-36102.html Hawkley Oil & Gas (ASX: HOG) is preparing to carry out a series of 24 hour production tests at its Sorochynska-202 development well in Ukraine.

This follows perforations of three horizons and cleaning out the well bore.

Sorochynska-202 was drilled to provide an additional production location for the Upper B18 sand.

While reservoir development of the Upper B18 appears to be slightly less than prognosed at this location, it is mitigated by the improved development of the Lower B18 with the total pay in both B18 sands being close to expectation.

The secondary objective was appraisal of the Lower B19 sand which flowed gas on test in legacy well Sorochynska-469 and in which Moyes and Co believed held a significant contingent resource.

A cased hole test of the Upper B19 had produced gas, confirming that the Lower B19 was gas saturated.

While this was not at a commercial rate, the cause of this is currently unclear and could be due to either a reservoir quality issue or possibly formation damage.

The core sample from Sorochynska-202 is being analysed and this will be integrated with well test data to determine the appropriate technology and /or well stimulation techniques to exploit this resource successfully.

Sorochynska 202 could double Hawkley’s production from the Sorochynska field.

Production for the September 2012 quarter from the Sorochynska-201 well totalled 445 million cubic feet of gas and 11,902 barrels of condensate.

 

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Tue, 20 Nov 2012 11:50:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/136939/hawkley-oil-gas-to-production-test-ukraine-gas-well-36102.html
<![CDATA[News - Hawkley Oil & Gas acquiring Ukraine gas plant ]]> https://www.proactiveinvestors.co.uk/companies/news/136937/hawkley-oil-gas-acquiring-ukraine-gas-plant-34186.html Hawkley Oil & Gas (ASX: HOG) is targeting cost savings and the end of third party constraints on its Ukraine gas production with the acquisition of an existing local gas plant.

The company has signed a binding Memorandum of Understanding to acquire a gas plant in Ukraine from Eurocrimea for US$1.5 million.

The plant is capable of processing about 11 million cubic feet of gas per day – enough to handle Hawkley’s current production of about 4.8 million cubic feet per day (MMcfd) as well as expected production from the Sorochynska 202 well.

It is also scalable and the company plans to expand its capacity in line with its production growth projections.

Hawkley expects to spend about US$1 million to upgrade the plant to its specifications, bringing the total cost up to US$2.5 million though this is still a US$3 million saving on the US$5.5 million it had budgeted earlier this year for the construction of its own plant.

Once the new plant is commissioned, anticipated for December, cost savings are expected to be between US$200,000 and US$250,000 per month, representing a quick payback of about 12 months.

It will also remove the production constraints that Hawkley has faced.

Hawkley is currently carrying production testing on the Sorochynska 202, which was drilled to provide an additional offtake point for the main Upper B18 sand.

While reservoir development of the Upper B18 appears to be slightly less than prognosed at this location, it is mitigated by the improved development of the Lower B18 with the total pay in both B18 sands being close to expectation.

Production testing of the Lower B19 horizon has also confirmed the existence of a substantial gas resource in that interval, opening up the possibility of a second development project.

Sorochynska 202 could double Hawkley’s production from the Sorochynska field.

 

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Fri, 05 Oct 2012 09:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136937/hawkley-oil-gas-acquiring-ukraine-gas-plant-34186.html
<![CDATA[News - Hawkley Oil and Gas flows gas from secondary target at Ukraine well ]]> https://www.proactiveinvestors.co.uk/companies/news/136935/hawkley-oil-and-gas-flows-gas-from-secondary-target-at-ukraine-well-34099.html Hawkley Oil & Gas (ASX: HOG) has flowed gas from a secondary target interval at its Sorochynska-202 development well in Ukraine, confirming the existence of a substantial gas resource.

While the unstimulated test of the Lower B19 horizon did not result in commercial flows, which could be due to a reservoir quality issue or possibly formation damage, it did confirm the horizon is gas saturated, in line with expectations and supporting the work completed by independent engineers Moyes & Co.

The core sample from the well is being analysed and will be integrated with well test data to determine the appropriate technology and potentially well stimulation techniques to exploit the Lower B19.

Notably, a much higher flow rate was reported from a drill stem test of the Lower B19 in Sorochynska 469 in 1982.

Hawkley will now carry out production testing of the Upper B19 as well as Upper and Lower B18 sands.

Sorochynska 202 was drilled to provide an additional offtake point for the main Upper B18 sand.

While reservoir development of the Upper B18 appears to be slightly less than prognosed at this location, it is mitigated by the improved development of the Lower B18 with the total pay in both B18 sands being close to expectation.

Sorochynska 202 could double Hawkley’s production from the Sorochynska field.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Wed, 03 Oct 2012 12:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136935/hawkley-oil-and-gas-flows-gas-from-secondary-target-at-ukraine-well-34099.html
<![CDATA[News - Hawkley Oil and Gas to drill test Ukraine development well ]]> https://www.proactiveinvestors.co.uk/companies/news/136932/hawkley-oil-and-gas-to-drill-test-ukraine-development-well--33407.html Hawkley Oil and Gas (ASX: HOG) is preparing to test a potential gas bearing sand at its Ukraine development well that could lead to a second development project if successful.

Wireline logs had indicated the Sorochynska 202 development within the Sorochynska Licence had intersected an apparent 10 metre gas column in the Lower B19 sand, which Dallas-based experts Moyes & Co had assessed previously as containing a significant resource.

While the Lower B19 is not considered to be a completion prospect in this well, proving the presence of moveable hydrocarbons will make it a viable target for future wells, giving Hawkley further upside beyond its productive Upper B18 play.

Once cased testing of the Lower B19 is completed, the interval will be isolated and the well suspended to await a workover rig to test the other sands and complete the well for production.

Sorochynska 202 was drilled to provide an additional offtake point for the main Upper B18 sand.

While reservoir development of the Upper B18 appears to be slightly less than prognosed at this location, it is mitigated by the improved development of the Lower B18 with the total pay in both B18 sands being close to expectation.

Sorochynska 202 could double Hawkley’s production from the Sorochynska field.

The company had generated revenue of A$2.05 million in August before royalties on average production of 4.9 million cubic feet of gas and 130 barrels of condensate per day.

Hawkley is currently undertaking a technical and economic review of a third party gas plant that has been offered for purchase.

This includes the integration of new equipment to increase processing capacity and capability and has the potential to offer significant time and cost savings over current and future development of processing facilities for the Sorochynska field.

 

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Thu, 13 Sep 2012 10:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136932/hawkley-oil-and-gas-to-drill-test-ukraine-development-well--33407.html
<![CDATA[News - Hawkley Oil & Gas observes early signs of gas at Ukraine development well ]]> https://www.proactiveinvestors.co.uk/companies/news/136930/hawkley-oil-gas-observes-early-signs-of-gas-at-ukraine-development-well-32220.html Hawkley Oil & Gas (ASX: HOG) has encountered signs of gas at the primary target reservoir at its Ukraine development well, in line with its expectations.

Elevated background gas levels were recorded in the Sorochynska-202 while drilling through the primary Upper B18 reservoir as well as the Lower B18, indicating gas saturated reservoir.

The Upper B18 was intersected close to prognosis between 4039 metres and 4049 metres while several thinner sands that make up the Lower B18 were intersected between 4064 metres and 4081 metres.

These shows will be confirmed by logging operations once the well reaches its total depth of about 4265 metres.

Hawkley will now drill the well to the coring point in the B19 reservoir and take a core.

Sorochynska-202 is being drilled to provide an additional drainage point for the main B18 reservoir in the Sorochynska field as well as appraise the deeper B19 reservoir which flowed gas on test in Sorochynska-469.

Success could double Hawkley’s production from the Sorochynska field.

 

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Fri, 10 Aug 2012 10:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136930/hawkley-oil-gas-observes-early-signs-of-gas-at-ukraine-development-well-32220.html
<![CDATA[News - Hawkley Oil and Gas shares on the rise as Ukraine prospects improve ]]> https://www.proactiveinvestors.co.uk/companies/news/136928/hawkley-oil-and-gas-shares-on-the-rise-as-ukraine-prospects-improve-32150.html Hawkley Oil & Gas (ASX: HOG) has clearly won some supporters on the ASX with the company’s shares last trading at A$0.225, or 21.62% higher on volume of about 1.45 million shares.

This is likely due to removal of constraints on its Ukrainian production owing to maintenance work on a third party gas plant and the prospect that a second production well will start flowing in the near term.

Indeed, the Sorochynska-202 development well could double the company’s production, which averaged about 6.1 million cubic feet of gas and 196 barrels of condensate per day during March before the start of works at the plant in April.

This could in turn result in monthly revenue of more than A$5.5 million, far above the A$2.13 million Hawkley recorded in July.

Sorochynska-202 is being drilled to provide an additional drainage point for the main B18 reservoir in the Sorochynska field as well as appraise the deeper B19 reservoir which flowed gas on test in Sorochynska-469.

The well is currently at a depth of 4060 metres having intersected the top of the B18 reservoir at 4039 metres as prognosed.

Wireline logs have indicated the B19 should be intersected a depth of about 4190 metres.

While drilling of Sorochynska-202 towards its total depth of 4250 metres has taken a little longer than expected, the turn key nature of the drilling contract has limited Hawkley’s downside exposure.

 

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Wed, 08 Aug 2012 15:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136928/hawkley-oil-and-gas-shares-on-the-rise-as-ukraine-prospects-improve-32150.html
<![CDATA[News - Hawkley Oil & Gas edges closer to ramp-up in Ukraine gas production ]]> https://www.proactiveinvestors.co.uk/companies/news/136927/hawkley-oil-gas-edges-closer-to-ramp-up-in-ukraine-gas-production-32112.html Hawkley Oil & Gas (ASX: HOG) is poised to build on its existing gas and condensate production from its Ukrainian operations with the removal of capacity constraints and a new well approaching completion.

Revenue for July amounted to A$2.13 million on average production of 5 million cubic feet (MMcf) of gas and 135 barrels of condensate per day.

This could ramp up in the near term with maintenance operations on the third party gas plant have been complete, removing any constraints on production, while the Sorochynska-202 development well is approaching its target depth of 4,250 metres.

Hawkley had generated A$2.8 million in revenue in March from average production of 6.1MMcf of gas and 196 barrels of condensate per day prior to the start of works at the plant in April.

Sorochynska-202 is being drilled to provide an additional drainage point for the main B18 reservoir in the Sorochynska field as well as appraise the deeper B19 reservoir which flowed gas on test in Sorochynska-469.

 

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Tue, 07 Aug 2012 13:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136927/hawkley-oil-gas-edges-closer-to-ramp-up-in-ukraine-gas-production-32112.html
<![CDATA[News - Hawkley Oil and Gas awarded new exploration licence by Ukraine ]]> https://www.proactiveinvestors.co.uk/companies/news/136925/hawkley-oil-and-gas-awarded-new-exploration-licence-by-ukraine-31291.html Hawkley Oil & Gas (ASX: HOG) has extended its onshore Chernetska exploration licence in Ukraine by another 5 years and is evaluating the value of varying out further testing on its first well there.

While initial test of the Chernetska-1 exploration well were inconclusive due to the mechanical failure in the casing, oil was recovered from the B26 sands while gas shows were encountered in the thicker B24/25 carbonate.

This oil recovery and gas shows are encouraging for future exploration on the permit, which is located in the northern part of the prolific Dnieper-Donets Basin.

A resource evaluation by Dallas-based experts Moyes & Co had estimated the licence could hold prospective resources of 379 billion cubic feet of gas while several Soviet era wells have encountered and recovered hydrocarbons from multiple levels.

Hawkley is currently evaluating all data from Chernetska-1 to ascertain whether it is worthwhile commencing further testing operations with a workover rig at a later date.

The company has existing production in Ukraine, with its Sorochynska-201 producing 5.1 million cubic feet of gas and 145 barrels of condensate per day during June.

This is expected to grow once the Sorochynska-202 development well is completed, which is currently drilling at a depth of 3656 metres towards a planned total depth of 4250 metres.

 

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Fri, 13 Jul 2012 12:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136925/hawkley-oil-and-gas-awarded-new-exploration-licence-by-ukraine-31291.html
<![CDATA[News - Hawkley Oil and Gas posts A$2.23M revenue on Ukraine gas production, upside expected soon ]]> https://www.proactiveinvestors.co.uk/companies/news/136924/hawkley-oil-and-gas-posts-a223m-revenue-on-ukraine-gas-production-upside-expected-soon-31097.html Hawkley Oil & Gas (ASX: HOG) continues to generate strong cash flow from its Ukrainian operations with June sales revenue of A$2.23 million before state royalties.

Production for June averaged 5.1 million cubic feet of gas and 145 barrels of condensate per day. Production rates were again constrained due to maintenance at the third party gas processing plant which commenced on April 9th.

This is expected to grow once the Sorochynska-202 development well is completed, which is currently drilling at a depth of 3656 metres towards a planned total depth of 4250 metres.

The Sorochynska-201 well produced 152 million cubic feet of gas and 4344 barrels of condensate in June.

Sorochynska-202 was designed to provide an additional drainage point for the B18 reservoir as well as appraise the deeper B19 reservoir which flowed gas on test in Sorochynska-469.

Hawkley has also started interpretation of the Sorochynska 3D data set, allowing it more quickly optimise the position of future wells and identify other appraisal and exploration opportunities.

Over at the Chernetska licence, the company’s technical team continues to evaluate all of the data obtained from the disappointing Chernetska-1 well to determine if it is worthwhile continuing testing activities.

Meanwhile, the company is making final changes to the front end engineering design of its Sorochinska gas plant in Ukraine that will allow for optimal gas and liquids processing.

The gas plant, which will have production capacity of 35 million cubic feet of gas per day, is designed to overcome the continued production constraints Hawkley has being placed under due to ongoing maintenance at the third party gas processing plant.

Hawkley has also started negotiations with vendors for detailed plant design and construction.

 

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Tue, 10 Jul 2012 13:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136924/hawkley-oil-and-gas-posts-a223m-revenue-on-ukraine-gas-production-upside-expected-soon-31097.html
<![CDATA[News - Hawkley Oil & Gas to receive Ukraine seismic data earlier than expected, development planning begins ]]> https://www.proactiveinvestors.co.uk/companies/news/136921/hawkley-oil-gas-to-receive-ukraine-seismic-data-earlier-than-expected-development-planning-begins-29905.html Hawkley Oil & Gas (ASX: HOG) has said processing of its Sorochynska 3D seismic over its Ukraine assets has proceeded faster than previously anticipated and is now expected to be completed by the middle of this month.

Interpretation and depth conversion of the processed data set should be complete by late July, allowing the company the company to more quickly optimise the position of future wells and identify other appraisal and exploration opportunities.

Meanwhile, planning of Sorochinska-203, Hawkley’s third development well has started.

Its exact location will be determined once the results of Sorochinska-202, which is being drilled, and the 3D data are integrated.

Front End Engineering Design work for the gas plant is also close to completion with final vendor proposals currently being reviewed.

Hawkley is also evaluating data from the disappointing Chernetska-1 well.

While the primary target gas reservoir had disappointing quality at the target location and testing of the oil bearing B26 sands were terminated following a mechanical failure, some light oil was recovered to surface before the test ended.

The company is now deciding whether its worth pursuing testing operations with a workover rig.

 

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Fri, 08 Jun 2012 15:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136921/hawkley-oil-gas-to-receive-ukraine-seismic-data-earlier-than-expected-development-planning-begins-29905.html
<![CDATA[News - Hawkley Oil & Gas firms up upside gas condensate potential in Ukraine field ]]> https://www.proactiveinvestors.co.uk/companies/news/136918/hawkley-oil-gas-firms-up-upside-gas-condensate-potential-in-ukraine-field-28114.html Hawkley Oil & Gas (ASX: HOG) has the plenty of resource upside to access at the Sorochynska gas condensate field in Ukraine.
   
Independent expert Moyes & Co said mean contingent resources of 248 billion cubic feet (Bcf) of gas and 7.2 million barrels (MMbbl) of condensate were present in the Visean Sandstones.

Another 168Bcf of gas and 3.5MMbbl of condensates are believed to be present in the carbonate reservoir.

This is in addition to the company’s proved and probable reserves of 40.5Bcf of gas and 0.97MMbbl of condensate assigned to the B18 horizon, where it is currently producing from.

Hawkley said it would have to drill a well to confirm adequate permeability in the B-17, B-18, B-19 and B-22 Sand intervals to upgrade the Visean resources into reserves.

It added the gas in the B-24/25 carbonate interval was considered prospective as it had not produced commercially in the licence nor was there production from a similar reservoir with similar log responses within the licence.

Hawkley currently produces 6 million cubic feet of gas and 196 barrels of condensate per day from the B18b reservoir in the Sorochynska-201 well, which is located in the eastern part of the licence. This generated A$2.8 million in revenue last month before state royalties.

Further production is expected from the Sorochynska-202 development well that was spudded in February and expected to reach target depth in August.

 

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Thu, 26 Apr 2012 12:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136918/hawkley-oil-gas-firms-up-upside-gas-condensate-potential-in-ukraine-field-28114.html
<![CDATA[News - Hawkley Oil & Gas up 10.2% on expected Ukraine well results ]]> https://www.proactiveinvestors.co.uk/companies/news/136916/hawkley-oil-gas-up-102-on-expected-ukraine-well-results-27978.html Hawkley Oil & Gas (ASX: HOG) shares have jumped 10.2% to A$0.27 in intraday trading yesterday on expectations that production testing results from its Chernetska-1 well in Ukraine would be released soon.

While the well was originally scheduled to be tested in mid-March, delays had meant that preparations to start testing only began towards the end of March.

While the primary target B20 target was found to be water-bearing, wireline logs and an open hole test indicated the well had flowed condensates for the deeper B26 sandstone.

Hawkley then decided on a cased hole test to provide a better indication of the productivity of the reservoirs.

Success at Chernetska, Chernetska project, where historic wells have flowed gas,would allow the company to go ahead with completing the relevant approvals for extending the licence.

Hawkley currently produces gas and condensate from the B18b reservoir in the Sorochynska-201 well, which is located in the eastern part of the licence.

Production is current running at 6 million cubic feet of gas and 196 barrels of condensate per day with sales generating A$2.8 million in revenue last month before state royalties.

The Sorochynska-202 development well was spudded on 15 February 2012 and was drilling ahead at 2079 metres as of 3 April. The expected total depth of the well is 4250 metres, which it is expected to reach in August.

Sorochynska-202 is designed to provide an additional drainage point for the B18 reservoir some 400 metres and updip of the current producing well.

 

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Tue, 24 Apr 2012 07:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136916/hawkley-oil-gas-up-102-on-expected-ukraine-well-results-27978.html
<![CDATA[News - Hawkley Oil & Gas has final piece in place for full development of Ukrainian gas condensate field ]]> https://www.proactiveinvestors.co.uk/companies/news/136915/hawkley-oil-gas-has-final-piece-in-place-for-full-development-of-ukrainian-gas-condensate-field-27292.html Hawkley Oil & Gas (ASX: HOG) will now be able to fully develop its Sorochynska gas condensate field in Ukraine after securing a 20 year production licence.

The company will now accelerate its work program, which is fully funded from current cash and future cash flows to the end of 2012, to increase production and revenue.

It said there is substantial development and exploration upside within the Sorochynska licence area and that the recently acquired 3D seismic would more effectively delineate drilling targets.

This, along with further     geological and petro physical analysis will provide the basis of a full field development plan including developmental and appraisal drilling of multiple targets on the block.

Hawkley currently produces gas and condensate from the B18b reservoir in the Sorochynska-201 well, which is located in the eastern part of the licence.

Priduction is current running at 6 million cubic feet of gas and 196 barrels of condensate per day with sales generating A$2.8 million in revenue last month before state royalties.

The Sorochynska-202 development well was spudded on 15 February 2012 and was drilling ahead at 2079 metres as of 3 April. The expected total depth of the well is 4250 metres.

Sorochynska-202 is designed to provide an additional drainage point for the B18 reservoir some 400 metres and updip of the current producing well.

It will also appraise incremental gas in the B19 reservoir which flowed gas on test in the Sorochynska-469 well about 2.5 kilometres to the northwest. 

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Wed, 04 Apr 2012 11:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136915/hawkley-oil-gas-has-final-piece-in-place-for-full-development-of-ukrainian-gas-condensate-field-27292.html
<![CDATA[News - Hawkley Oil & Gas hoping for commercial flow from secondary target at Ukraine well ]]> https://www.proactiveinvestors.co.uk/companies/news/136913/hawkley-oil-gas-hoping-for-commercial-flow-from-secondary-target-at-ukraine-well-25230.html Hawkley Oil & Gas (ASX:HOG) is preparing to carry out a cased hole test over its Chernetska-1 exploration well in Ukraine to assess if it is a commercial discovery.

Testing of the B26 sandstone in the well is expected to take place in mid-March and a commercial find can be quickly developed through the existing infrastructure in the region.

While the primary target B20 target in the well had disappointed by turning out to be water-bearing, wireline logs run over the B26 sandstone and overlying B25 carbonate indicated the presence of hydrocarbons.

B25 appeared to hold hydrocarbons over a 10m interval while 2 metres of net pay were recorded in B26 with potential for additional pay below its then total depth of 4630 metres.

The two intervals were then tested by a packer that ruled out the B25 as the source of gas condensate inflow and leading Hawkley to decide on a cased hole test for B26.

This required the well to be deepened by 17 metres to a total of 4647 metres to allow for the installation of production casing.

The production casing should take 20 days to run while another 5 days will be needed to install the flare pit and flare lines.

Hawkley had production of 206 million cubic feet of gas and 7050 barrels of condensate from the Sorochynska field in January, generating revenue of A$2.6 million before state royalties.

This could increase following the drilling of the Sorochynska-202 development well in the latter half of this year.

Sorochynska-202 is located 400 metres updip of Sorochynska-201 and is the first of four infill wells that Hawkley plans to drill to develop proved, probable and possible reserves in the target B18 reservoir.

It will also address the potential of the deeper B19 reservoir sandstones that tested gas in offset well 469.

Hawkley holds a 100% stake in the Chernetska and Sorochynska licences.

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Mon, 13 Feb 2012 13:50:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/136913/hawkley-oil-gas-hoping-for-commercial-flow-from-secondary-target-at-ukraine-well-25230.html
<![CDATA[News - Hawkley Oil & Gas trebles 2P Reserves at Sorochynska Licence in Ukraine ]]> https://www.proactiveinvestors.co.uk/companies/news/136911/hawkley-oil-gas-trebles-2p-reserves-at-sorochynska-licence-in-ukraine-20979.html Hawkley Oil & Gas (ASX: HOG) has achieved a three-fold increase in the remaining 2P (proven plus probable) reserves assigned to the B18b gas accumulation in the Sorochynska Field in its wholly-owned Sorochynska Licence in Ukraine.

Independent expert Moyes & Co has confirmed the ultimate 2P gas reserves increased by 29 billion cubic feet (bcf) from 13.2bcf to 42.2bcf.

The remaining 2P reserves of 40.7bcf gas and 1mmbbl condensate was also confirmed translating to about US$567 million of gross revenue at current spot prices, with the operating margin being 45%.

For the first time the Reserves include production data from Hawkley’s Sorochynska-201 well, that came onstream in February 2011.

The reserves update is further evidence that Hawkley’s operating strategy has been successful. A risk capital investment of about US$10 million sunk into the Sorochynska Licence prior to the start of production has resulted in a potential gross revenue stream of US$567 million over the life-of-field.

Michael Earle, Hawkley's CEO, said “the outcome of drilling Sorochynyska-201 has resulted in incremental reserves of 29bcf and 650,000 barrels of condensate to the initial 2P reserves of the B18b, which converts to almost 5 million boe."

If produced at today’s product prices, these additional reserves would generate US$380 million of gross revenue.

Two independent studies have separately concluded that the field has potential remaining reserves in excess of 40bcf, giving the company confidence to continue to invest in the further development of the field, which will commence this quarter.

Moyes & Co will also evaluate the reserves and resources in Hawkley’s Chernetska Licence in Ukraine by year-end.

Hawkley is presently drilling Chernetska-1, which is an appraisal of a Soviet era oil discovery made in the B20 sandstone and has additional potential in deeper targets.  The well is currently at a depth of 3,635 metres and drilling ahead to the primary target at 4,330 metres.

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Thu, 20 Oct 2011 11:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136911/hawkley-oil-gas-trebles-2p-reserves-at-sorochynska-licence-in-ukraine-20979.html
<![CDATA[News - Hawkley Oil & Gas in trading halt for updated reserves report ]]> https://www.proactiveinvestors.co.uk/companies/news/136909/hawkley-oil-gas-in-trading-halt-for-updated-reserves-report-20882.html Hawkley Oil & Gas (ASX: HOG) has entered a trading halt pending the announcement of an updated reserves report.

The report is expected to be made prior to the opening of trading on Thursday October 20, 2011.

Hawkley has two gas projects in Ukraine, Sorochynska and Chernetska. In its September operations update, the company said September production from Sorochynska-1 was forecasted to be 202 million cubic feet of gas and 230 barrels of condensate per day.

Development well Sorochynska-202 is expected to spud in November, while evaluation of potential resources and reserves at Sorochynska continues.

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Tue, 18 Oct 2011 16:41:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136909/hawkley-oil-gas-in-trading-halt-for-updated-reserves-report-20882.html
<![CDATA[News - Hawkley Oil and Gas to raise up to $18m to fund project construction in Ukraine ]]> https://www.proactiveinvestors.co.uk/companies/news/136908/hawkley-oil-and-gas-to-raise-up-to-18m-to-fund-project-construction-in-ukraine-15666.html Hawkley Oil and Gas (ASX: HOG) has launched a capital raising program to raise up to $18 million, which will be used to fund construction at the company's projects in the Ukraine.

The company will raise up to $15 million through a placement of up to 40.5 million shares at an issue price of $0.37, with potentially another $3 million through a share purchase plan.

Funds will go towards the drilling of a development well at the Sorochynska Project as well as the drill appraisal and development of Well #1 at the Chernetska Project, and to build a gas plant and complete potential acquisitions.

Richard Reavley, chief executive officer, said “Funds raised pursuant to the placement, along with ongoing cashflow from operations, will allow Hawkley to fast-track the growth of the company’s assets and its revenue to the benefit of our shareholders.”

The first 36.7 million shares issued in the placement are under the company's 15% capacity, with the remainder pending shareholder approval.

 

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Wed, 20 Apr 2011 14:41:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136908/hawkley-oil-and-gas-to-raise-up-to-18m-to-fund-project-construction-in-ukraine-15666.html
<![CDATA[News - Hawkley Oil & Gas on track for Ukraine Sorochynska Well production in December ]]> https://www.proactiveinvestors.co.uk/companies/news/136906/hawkley-oil-gas-on-track-for-ukraine-sorochynska-well-production-in-december-10944.html The Western Australia based Hawkley Oil & Gas (ASX: HOG) Sorochynska Well #201 in the Ukraine is on track for December production, as the well casing has been set and an acoustic log has been run to test the quality of cementing.

The company said a production string has been run and the rig-down, delayed by adverse weather conditions, is in the final stages, following which preparations  will be made for a commercial flow test, which is expected to take place next week.

Hawkley is continuing to make progress with the preparations for the pipeline and the installation of the equipment at the gas plant.

Hawkley is also looking to expand by acquisition, with the board continuing to assess potential asset acquisitions and other deals in the region that will add both production and significant reserves to its current portfolio.

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Tue, 19 Oct 2010 12:56:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136906/hawkley-oil-gas-on-track-for-ukraine-sorochynska-well-production-in-december-10944.html
<![CDATA[News - Hawkley Oil & Gas strikes gas at Sorochynska Well #201 in Ukraine ]]> https://www.proactiveinvestors.co.uk/companies/news/136904/hawkley-oil-gas-strikes-gas-at-sorochynska-well-201-in-ukraine--9513.html Hawkley Oil & Gas (ASX: HOG) has hit gas at its Sorochynska Well #201 in Ukraine  after reaching the previously foreshadowed payzone on Saturday.

In a statement the company said preliminary results reveal the existence of 11m of gas‐saturated reservoir rock with C1, C2 and C3 hydrocarbons present in the drilling muds. Resistivity logs have confirmed the gas‐saturated horizon. Additional logging is in progress.

Well #201, which lies in Ukraine’s Dneiper Donets basin, intersected the B‐18b productive horizon from 4,078 to 4,089 metres. This 11‐metre interval is at the same depth as the producing pay zone in Well #110 which is approximately 350 metres to the south east of Well #201.

Well #110 was shut in 1989 due to mechanical failure, having previously produced for two years at a rate of about 4.5 million cubic feet of gas per day and 165 barrels of condensate per day without any appreciable pressure loss. Gas prices in Ukraine are currently capped at just over US$7 per thousand cubic feet.

The well sits within close proximity to existing gas infrastructure and amidst a rapidly expanding gas market.

Richard Reavley, chief executive officer, said Hawkley is planning to run an open hole test early this week. The well will then be cased and perforated and a commercial flow test will be conducted.

The equipment to run the test has been delivered to site and the test results will be announced as soon as they become available.

Hawkley is also continuing to assess further potential asset acquisitions. The company commenced trading on the Australian Securities Exchange (ASX) on 30 June, 2010.


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Mon, 23 Aug 2010 05:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136904/hawkley-oil-gas-strikes-gas-at-sorochynska-well-201-in-ukraine--9513.html
<![CDATA[News - Hawkley Oil & Gas expects to hit pay zone at Ukraine well within days ]]> https://www.proactiveinvestors.co.uk/companies/news/136903/hawkley-oil-gas-expects-to-hit-pay-zone-at-ukraine-well-within-days-9377.html Hawkley Oil & Gas (ASX: HOG) is set to hit the target depth of its Sorochynska Well #201 in Ukraine’s Dneiper Donets basin within a few days.

In a statement the company said the bottom of the hole is currently 85m from the top of the visean B‐18b productive horizon. Once the well has been drilled to full depth, the company plans to run an open hole test, following which the well will then be cased and perforated and a commercial flow test will be conducted.

Subject to those tests, the well will be connected to a local gas plant, enabling it to be tied in and production of gas and condensate started.

The well sits within close proximity to existing gas infrastructure and amidst a rapidly expanding gas market.

Well #201 is targeting reserves in the B‐18b horizon. Production from the nearby Well #110 averaged 4.5 million cubic feet of gas and 165 barrels of condensate per day before a mechanical issue caused the well to be shut in.

Current gas prices in Ukraine are capped at just over US$7 per thousand cubic feet.

Richard Reavley, chief executive officer, said the drilling of well #201 marks the first stage in Hawkley’s strategy to become a major exploration and production company.

Hawkley will also continue to assess potential asset acquisitions and other deals in the region that will add both production and significant reserves to its current portfolio.

Hawkley Oil & Gas shares rose 22% to 16 cents in trading today. The company commenced trading on the Australian Securities Exchange (ASX) on 30 June, 2010.

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Mon, 16 Aug 2010 12:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136903/hawkley-oil-gas-expects-to-hit-pay-zone-at-ukraine-well-within-days-9377.html
<![CDATA[News - Hawkley Oil & Gas makes ASX debut after A$5.5M capital raising ]]> https://www.proactiveinvestors.co.uk/companies/news/136900/hawkley-oil-gas-makes-asx-debut-after-a55m-capital-raising-8280.html Hawkley Oil & Gas (ASX: HOG) shares commenced trading on the Australian Securities Exchange (ASX), bringing to the Australian market a new independent oil and gas company with a strong portfolio of growth assets in central and Eastern Europe.

The company made its debut on the ASX yesterday following  a successful $5.5 million capital raising and the completion of a reverse takeover of the former biotechnology company Incitive Limited (ASX: ICV). 

Hawkley joins the ranks of ASX listed oil and gas companies with development activities already well advanced at its two key gas-condensate licences in Ukraine’s Dnieper-Donets gas basin, where it is aiming to bring its first gas-condensate production well on stream this year.

The company said these production assets will provide a strong platform for Hawkley’s next growth steps in central and Eastern Europe, where it is also currently evaluating a number of corporate deals, further licence applications and investigating the potential for unconventional gas plays in Ukraine.

Richard Reavley, CEO, said he was pleased to see the company re-list on the Australian Securities Exchange following a lengthy suspension required to complete the reverse takeover of Incitive and capital raising.

“Hawkley has an extremely bright future ahead of it with two quality near-term gas-condensate production assets in Ukraine and an exciting growth portfolio, including the opportunity to secure additional conventional and unconventional petroleum assets in central Europe” he said.

The company expects the Sorochynska Licence to become Hawkley’s first production asset in Ukraine, with drilling of the Sorochynska Well #201 currently underway targeting a Proved and Probable gas resource of 13.2 billion cubic feet (BCF). 

This well, which is currently at a depth of 3,447 metres, is expected to reach its final target depth of 4,250 metres in July.

The Company is currently finalising access to the international pipeline and a gas plant located approximately 8km from the well site, to enable Well #201 to be tied in and commence production of gas and condensate.

The well is targeting the reserves and resources contained in the B18b horizon and is located within 300m of  well #110 which produced in the late 80s.

Hawkley expects that completion of a successful well would provide flow rates similar to those seen in #110 in the region of 4.0mmcfgpd and 150stbcpd.

The Company’s second near-term production asset is the Chernetska Licence, where it has lodged an application for the use of land to drill Well #1.

This well is planned to test the B-20 oil accumulation encountered in Well #321 and to test the B21/22 and B24/24 gas bearing horizons.

The B-20 reservoir has a target estimated to contain 1.7MMSTB of recoverable oil (mid estimate) and up to 4.8MMSTB of recoverable oil.

The planning of the construction of Well #1 is well advanced and will begin as soon as possible after Well #201 in the  Sorochynska Licence is brought on-line.

The funds from the company’s recent capital raising will be used to complete the drilling of Well #201, with the resultant cash flow from this well to be used to complete preparations for the well at Chernetska and pursue other growth opportunities.

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Wed, 30 Jun 2010 06:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/136900/hawkley-oil-gas-makes-asx-debut-after-a55m-capital-raising-8280.html