VAS Field

Licences

We hold a 100% working interest in, and are the operator of, the Vasyshchivske (VAS) field. The licence was granted in August 2012 for 20 years, and it should be renewed before 2032 under our priority right. The licence extends over an area of 33.2km² and is located 17km south-east of Kharkiv, in the Kharkiv region of Ukraine.

The field was discovered in 1981, and the first well was launched here in 2004.

Geology

Geologically, the field is located towards the middle of the Dnipro-Donets sedimentary basin in north-east Ukraine. The field is trapped in an anticlinal structure broken into several faulted blocks which are gently dipping to the north, stretching from the north-east to south-west along a main bounding fault. The gas is located in Carboniferous sandstones of Bashkirian, Serpukhovian and Visean. Our wells are 3,370 to 3,700m deep.

3D seismic acquisition and processing was completed at the field in August 2019.

Reserves

In the most recent DeGolyer & MacNaughton (D&M D&M) appraisal report (2019), production forecast at the field was modelled until 2032. Taking into account the potential resources of the Vvdenka block within the licence area (which are more than 2.5 times greater than the estimated 2P reserves of the Vvdenka block), the current development programme may be significantly intensified and extended.

2P reserves are 2.8 million boe, with 3C contingent resources of 0.6 million boe, and prospective resources in the Vvdenka block are estimated at 7.7 million boe of hydrocarbons.

In addition, prospective geological resources of Unconventional gas at the VAS field were assessed at 76 million boe (recoverable resources of 20 million boe) by a local contractor and reviewed by the State Reserves Committee of Ukraine in 2014.