April 29, 2021
At a meeting on Wednesday, April 28th, the Cabinet of Ministers of the Ukrainian Government approved a decree recognizing the winners of tenders for production sharing agreements for three hydrocarbon sections.
York Energy Holdings Limited, an Alpha Energy group company, was declared the winner of the Ichnyansky section-an area of more than 500,000 acres. The duration of the PSA is 50 years.
The Ukrainian government and York will now proceed with drafting and executing contractual documentation.
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.