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Hawkley was awarded a 5-year exploration license for the Chernetska license by the Ukrainian State Geological Department.
The award of this license extends Hawkley's sole exploration rights over this prospective license.
The Chernetska license, located in the northern part of the Dnieper-Donets basin, is 100% owned and operated by Hawkley. A resource evaluation carried out by Moyes & Co., an independent expert based in Dallas, estimated the license had significant upside with prospective resources of 379 Bcf.
Several Soviet era wells within the license area have encountered and recovered hydrocarbons from multiple levels. Hawkley recently completed its first operated well (Chernetska-1) on the license which encountered hydrocarbons in the B20, B24/25 and B26 horizons. The subsequent testing of the Chernetska-1 well was inconclusive; however, the recovery of oil from the B26 sands and significant gas shows in the B24/25 carbonate are very encouraging for future exploration.
Hawkley's technical team continues to evaluate all of the data from the first well on the license to ascertain whether it is worthwhile commencing further testing operations with a workover rig at a later date.