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Hawkley’s Ukraine Well Test Exceeds Expectations

Hawkley Oil & Gas Limited (HOG) is pleased to announce official results from the open hole testing at its Sorochynska Well #201 in Ukraine indicate that it is expected to flow at rates even better than those initially forecast. Hawkley’s growing confidence in the success of the well, located in the Dnieper Donets Basin, stems from the results of the test, which flowed gas at 4.28 million cubic feet of gas per day and 140 barrels of condensate, run through a 10mm choke. Hydrocarbon content was 96.7 per cent of the gas, with 86 per cent methane, no hydrogen sulphide, very low nitrogen content and low carbon dioxide. The gas bearing zone is permeable and gas saturated. The company intends to produce the well at the highest possible sustainable production rates. Indications point to the reserves being higher than those originally anticipated. The reserves will be re‐evaluated as soon as a commercial test has been run. Current net gas prices (excluding VAT) in Ukraine are capped at just over US$7 per thousand cubic feet while net condensate prices are in the region of $72 per barrel. The Company expects to complete logging, casing, cementing, perforating and testing within the next 3‐4 weeks. Hawkley Oil & Gas Chief Executive Richard Reavley said the results to date were better than the Company had expected. “These initial results indicate that we have a commercial well which will generate strong cashflow,” Mr Reavley said. ‘’The company is aiming for long term stable production of this high quality gas to provide a solid foundation on which to build a major exploration and production company.” Hawkley continues to assess potential asset acquisitions and other deals in the region that will add both production and significant reserves to its current portfolio and create wealth for shareholders