Burisma Holdings, the largest independent gas producer in Ukraine took stock of its performance in Q2 2014 and H1 2014. In 2014, the company increased hydrocarbon production by 91% compared to the same period last year, with production from January to June 2014 totaling 2.2 million BOE (incl. gas, condensate and oil). In H1 2014 Burisma’s production was at 73.4 % of total 2013 volume. Burisma currently plans on drilling 21 new wells in H2 2014, increasing total wells drilled to 65.
These results are largely due to the introduction of new technologies in line with the Company’s strategic plan.
On May 29, Burisma Holdings approved an agenda for the current year, which included enhanced corporate governance and increased production of natural gas. “Burisma Holdings is the largest independent gas producer in the country and the company is still rapidly growing. In order to meet the expectations of investors in full, our team is constantly improving its corporate governance structure. This work will continue in the future”, said non-executive Chairman of Burisma Holdings Alan Apter. “The company remains committed to ensuring the energy independence of Ukraine by increasing domestic gas production”.
As part of its plans to enhance governance practices, the Board of Directors, among other items, adopted a resolution to create Audit and Strategic Planning Committees and establish a working group to develop the long-term strategy of Burisma Holdings. It also issued a decision to conduct a financial audit of the Company for 2013 as well as an updated report on geological reserves.
Notes to Editors
Burisma Holdings is a privately owned oil and gas company with assets in Ukraine, operating in local energy market since 2002. To date, the company holds a license portfolio in the Dnieper-Donets, the Carpathian and the Azov-Kuban basins. In the 1Q 2014, the daily gas production was 12.4 thousand boepd (barrels of oil equivalent per day – incl. gas, condensate and crude oil), including 1.9 mln m³ of natural gas. The Company sells all produced volumes in Ukraine.
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