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Poltava Petroleum Company published information on the Novomykolayvske field as part of project on geological data disclosure

The goal of the project is to contribute to the development of civilized circulation of geological information and transparency of subsoil use sphere

Kyiv, June 13, 2019 – JV Poltava Petroleum Company (PPC) continues to publish geological information about its fields. Today, the company has published data on the Novomykolayvske field on its website. The first field within the framework of this project was Yelizavetivske.

PPC is the first gas producing company in Ukraine that voluntarily disclosed such data. The goal of the project is to contribute to the development of civilized circulation of geological information and transparency of subsoil use sphere.

In the extractive industry, the availability of access to geological data is an important element of the decision-making process for an investor. In addition, the publicity of the activities of private and state-owned companies will help to cope with the problem of so-called “sleeper licenses” – the licenses with no activity.

Victor Gladun, CEO of JV PPC commented: “Unfortunately, we did not see any respective steps from other subsoil users after we did our first step, i.e. disclosed data on the Yelizavetivske field. However, continuing this project and disclosing information about our fields, we do hope that state and private companies will join the process of revealing secondary information. Such steps will contribute to further development of the oil and gas industry, creation of a competitive environment and will allow the state to attract new investors.”

The document is posted on the company’s website and contains such data as the history of the field development and drilling, production volumes in the entire history, seismic data and structural maps.

Earlier, the Cabinet of Ministers of Ukraine adopted Resolution #939 dated November 7, 2018, and liberalized the Procedure for the geological data management (the Procedure). According to it, legal entities and individuals who possess geological information can publish it in the public domain. Also, the Procedure stipulates that the state-owned secondary information (processed data) should be accessible online.