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Hawkley Oil & Gas

Hawkley Oil and Gas posts A$2.23M revenue on Ukraine gas production, upside expected soon

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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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