3P International Energy to launch methane well drill program in Ukraine
KYIV. Dec 22 (Interfax) - Canada's 3P International Energy Corp. has finalized its drill services contracts and personnel agreements and received all necessary government permitting for an accelerated 10 well drill program on its coalbed methane (CBM) project portfolio in the Donets Basin, Eastern Ukraine.
3P said in a press release that it would drill and complete new wells for approximately US$200,000 per well under its turnkey contracts.
The Corporation is leveraging Atlas Copco's highly mobile and compact RD20 Model with its own proprietary mud system and drilling bit in order to both minimize formation damage while significantly increasing rate of penetration (ROP).
The corporation anticipates the commencement of drilling as early as mid-January providing that temperatures remain within historic seasonal averages.
"Based upon the anticipated success of this initial program, 3P anticipates a tremendous amount of interest in Eastern European coal bed methane commensurate with what has occurred in US and Australian basins. The advantage in the Ukraine however continues to be the elevated gas price and governmental fiscal concessions for those developing CBM and superior reservoir characteristic," the company said.