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13.07.2012

Hawkley Oil & Gas awarded five year exploration licence for Chernetska

Hawkley Oil & Gas has announced the award of a 5 year exploration licence for the Chernetska licence by the Ukrainian State Geological Department. The award of this licence extends Hawkley’s sole exploration rights over this prospective licence.

The Chernetska Licence, located in the northern part of the prolific Dnieper-Donets Basin, is 100% owned and operated by Hawkley. A resource evaluation carried out by Moyes & Co, an independent expert based in Dallas, estimated the Licence had significant upside with prospective resources* of 379 Bcf (P50).

Several Soviet era wells within the license area have encountered and recovered hydrocarbons from multiple levels. Hawkley recently completed its first operated well (Chernetska-1) on the Licence which encountered hydrocarbons in the B20, B24/25 and B26 horizons. The subsequent testing of the Chernetska-1 well was inconclusive, however the recovery of oil from the B26 sands and significant gas shows in the B24/25 carbonate are very encouraging for future exploration.

Hawkley’s technical team continues to evaluate all of the data from the first well on the Licence to ascertain whether it is worthwhile commencing further testing operations with a workover rig at a later date. 


CEO’s Comments

'We are pleased to have tied up this 5 year exploration licence on Chernetska which was acquired in line with our budget expectations. Chernetska is an exciting licence with substantial upside potential, and whilst the overall results of our first operated well on the block were somewhat inconclusive due to the mechanical failure in the casing whilst testing, we were encouraged by the results that were conclusive, namely the recovery of oil from the B26 and the gas shows encountered whilst drilling the thicker B24/25 carbonate interval. As such, we feel Chernetska has substantial upside and we will work towards exploiting the potential of this exciting licence over the next 5 year period.'


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