The Group holds working interests in two conventional gas-condensate and oil licenses located in Western Ukraine and a 90% interest in Exploenergy, an Italian company, which has filed applications for two exploration licenses in the Po Valley, in Northern Italy.

In Ukraine, the Group’s assets are located in the prolific Carpathian basin in close proximity to gas distribution infrastructure and far from the zone of military confrontation with Russia. The two licenses (Monastyretska and Bitlyanska) are operated by the Group. The Monastyretska license produces oil; its oil production has been increased by five folds over the last couple of years and the license still holds upside potential.


The Po Valley is a proven oil & gas basin in Northern Italy. The exploration licenses are in close proximity to existing field discoveries, with two leads having been identified with combined, un-risked prospective resources estimated to be in excess of 60 BCF. In January 2019, the Italian Parliament approved an 18-month moratorium on the award of new licenses and an increase in the annual acreage fees of 25 times. As a result of these developments, Exploenergy has reduced its costs to the minimum required to fulfil its statutory obligations, ready to resume its activity when the moratorium is lifted.


Reserves and resources associated with the Group’s licenses were evaluated and delivered in a final report dated March 2016. The evaluation was conducted in accordance with SPE Petroleum Resources Management System (‘PRMS’) by a Ukrainian consulting firm. Since then, reserves and resources have been updated to reflect the produced volumes. A summary is presented in the table below.




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