On 3 June 2020, State Service of Geology and Subsoil of Ukraine (“SSGSU”) announced auction for special permit for subsoil use (“Special Permit”) of Budyshchansko-Chutivska oil and gas field (“Field”). 

During 1975-2005 2D seismic surveys were performed within the Field and 20 exploratory wells has been drilled. The Field deposits include the following:

Accounted deposits 

• Oil of category C2 - 2730 thousand tonnes and Category C3 - 2006 thousand tonnes,
• Gas of category C2 - 856 million cubic meters and of category C3 – 2,123 billion cubic meters;

Perspective deposits: 

• Gas of category C3 18,464 billion cubic meters.

The main characteristics of the auction are as follows:

• Subject matter: the Special Permit offered on the auction allows for exploration, including pilot commercial extraction with further extraction of oil, gas and condensate for the duration of 20 years;

Timeframe: 

• applications for participation in the auction can be submitted until 30 August 2020,
• the date of the auction is 31 August 2020;

Starting price: UAH 81,560,800 (approximately USD 3,055,000);
Bid guarantee: UAH 16,312,160 (approximately USD 611,000).

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