Alpha Energy signs MOU for the development of the Ichnyanskaya PSA in Ukraine with leading oilfield services company

November 1, 2021

Alpha Energy has announced that it has signed a Memorandum of Understanding with Halliburton Company (NYSE: HAL) for an integrated services contract to execute a drilling and completions campaign in Ukraine.

The work program is for six appraisal wells or re-entries and four exploration wells with twelve additional development wells under option. The scope includes delivery of all services including project management and expert support, logistics and operations, infrastructure, rigs, & tangibles, and other services.

The projected value of the services is more than $100 million including the development wells, and work is expected to begin following York Energy (an Alpha group company) receiving all necessary approvals and permits from Ukraine.

Thomas Reed, CEO of Alpha Energy Group said, “We are very pleased to extend our technical and business relationship with Halliburton in the U.S. and U.K. markets to our Ichnyanskaya project in Ukraine.

Ichnyanskaya is an important energy project for Europe and will be a tangible step forward on the road to energy independence for Ukraine. We look forward to delivering new energy production for Ukraine, and to using our own operating experience and our relationship with Halliburton to bring world-class technology, safety, and environmental protections to this project while providing Ukrainian-sourced energy for Ukrainian consumers.”

“We are pleased to build on our strong relationship with Alpha Energy in the United States and Europe, and excited to extend our commitment to providing world-class services to the Ukrainian market,” said Martin White, vice president of Europe at Halliburton.

York Energy is a UK based affiliate of Alpha Energy, a U.S. based oil & gas company.