Ukraine’s oil and gas reserves are relatively small; its share in the world's total proven hydrocarbon reserves is only 0.3%. However, within Europe, Ukraine stands #3, after Norway and the Netherlands. In oil equivalent terms, Ukraine's proven (P1) reserves are comparable with the UK. Gas reserves account for almost 95% of the country's total P1 reserves. Ukraine's gas reserves are 3x larger than Mexico's, 2x larger than the UK's, and only 2.5x smaller than those of its major gas supplier, Turkmenistan. However, with twice larger gas reserves than the UK, Ukraine currently produces 4x less gas annually.
In this report we look at foreign-traded independent oil and gas exploration and production (E&P) companies with a major focus on Ukraine, in total 15 companies. For purpose of valuation, we choose the three largest of them: JKX Oil & Gas (largest independent producer in Ukraine), Regal Petroleum (largest booked reserves in our sample) and Cadogan Petroleum (recently IPO'd on LSE, another company with its reserves/resources not yet commercialized).
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