A discovery has already been made on this block. Back in the 1970’s when Ukraine was still under Soviet control they had quotas to meet and even though they discovered a 130m net pay zone in the shallow prospect, it was never tested, because at the same time another discovery had been made nearby, so this opportunity was put in reserve to meet quotas at a later date.
The deep prospect was also drilled and although it never hit the target they recorded mud gas shows on the way down. The block is also nearby some very large oil and gas discoveries.
A preliminary evaluation report that was prepared using volumetrics suggests the shallow prospect could hold a P50 of around 44 million barrels of oil. The deep prospect suggests a P90 of 526 BCF gas. These are some very large numbers making the opportunity highly prospective and partially de-risked. The block has also had limited 2D seismic.