Smart Energy Group has begun spudding of well No.10 at Vasischevskoye gas condensate deposit in Kharkov region.The target depth of the well is 3,450 meters (it is targeting reservoirs in the Visean formation). The drilling operations are planned to be completed in June 2018. Subject to further successful testing, commercial operation is expected to commence in the third quarter of this year. The holder of a special license for commercial development of Vasischevskoye gas condensate deposit, valid until 2032, is Prom-Energo Product, which is part of Smart Energy Group. It is to be recalled that in 2017 the companies of Smart Energy Group increased production of natural gas up to 226.3 million cubic meters, which is 8.5% more than in 2016. In addition, 18.3 thousand tons of gas condensate and 4.6 thousand tons of LPG were produced of equity production hydrocarbons.
Smart Energy Group is a part of Smart-Holding in charge of implementing exploration projects, commercial development of the hydrocarbon deposits and alternative energy initiatives.
Oil & Gas business block of Smart Energy is represented by gas producing Ukrgazvydobutok (Kharkov region) and Regal Petroleum, a listed British company having assets in Poltava region (Regal Petroleum Corporation Limited) and Kharkov region (Prom-Energo Product).