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Hawkley: Ukraine Well Hits Gas

Hawkley hits gas in Ukraine well Hawkley Oil & Gas Limited (HOG) is pleased to advise that its Sorochynska Well #201 in Ukraine has struck gas after reaching the previously foreshadowed payzone on Saturday. 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. 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.