Urozhainoye-2 License Area

PGK acquired the exploration and production license Urozhainoye-2 at a government-mandated auction in September 2007.  The licence area covers 354km2 and is located approximately 15km to the north of the Company's Karpensiy Licence Area and is in close proximity with up to 30 gas/condensate/oil fields.

The license block includes Sobolevsky field which was discovered by the Sobolevskaya #11 well.  The well was drilled to a total depth of 3,307m and the Bobrikovsky horizon was tested in a cased hole over four separate perforations between 2,647m and 2,659m in 1991. The horizon demonstrated good porosity and permeability (131 mDarcy). The well initially produced 1,213 bopd of 35.9 API oil and 1.9 mmcfd of gas on an 8mm choke.

In 2012, Volga Gas undertook a successful workover of this well and in June 2013 commenced production from the well with production averaging 140 barrels of oil per day, although production ceased during 2014.

During 2011 and 2012, the company drilled the Yu-Romanovskaya #1 well on a structure close to and similar to Sobolevskoye.  On completion of drilling operations, no commercial hydrocarbons were found in the target zones and the well was plugged and abandoned.

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