3P International Energy Corp. has finalized its drill services contracts, personnel agreements and received all necessary government permitting for an accelerated 10 well drill program on its CBM project portfolio in the Donets Basin, Eastern Ukraine.
3P will drill and complete new wells for approximately US$200,000/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. Each well requires only 8-10 days to complete prior to testing. It is important to note that standard technology employed in the Ukraine to date has consisted mainly of old style Russian rigs which are slow, relatively large and immobile, and not focused on the shallow hard rock environment which is more pervasive in North America particularly the Appalachian basins.
"Our team has moved at an impressive pace in order to ready contracts and permitting, and to mobilize for our upcoming drill program,” said Dr. David Kahn, 3P’s chairman and chief executive officer. “We are operating in a basin which contains in excess of 1 trillion metric tons of 'sub-bituminous B' coal with particularly high gas content estimated at 1,000 TCF, but which has never been effectively tested and exploited using modern drilling and completion technologies. 3P is delighted to be a first-mover in recognizing this, and in assembling the right fit for purpose team and technologies to unlock the shallow gas content of the Donets Basin for the first time.”
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.
About 3P International Energy Corp.
3P International Energy is a Canadian-based emerging oil and gas producer, focused on developing significant proven oil and gas reserves in Eastern Europe.
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