Kulczyk Oil Ventures accelerating 2012 drilling program
Kulczyk Oil Ventures has advised that KUB-Gas, a subsidiary in which KOV has a 70% effective ownership interest, has entered into a contract with Burova Kompaniya Ukrburservice under which Ukrburservice will provide their Rig #1 to drill the Makeevskoye-16 (M-16) well.
The Ukrburservice Rig#1 is a 2,000 horsepower National Oilwell Varco (NOV) drilling rig manufactured in Canada in 2010. It has a lifting capacity of 450 metric tonnes and a depth rating of 7,000 metres. The projected depth of the M-16 well is 3,850 metres. This deep test well will evaluate stacked potential reservoir targets in Moscovian, Bashkirian and Serpukhovian aged rocks. Rig moving operations will commence immediately. The M-16 well is expected to spud in mid-August 2012 and drilling time is estimated at 60 days.
The contracting of the Ukrburservice Rig#1 will allow for an acceleration of the 2012 drilling program. The KUB-Gas owned NOV rig, which was manufactured in Canada in 2007 with a lifting capacity of 200 metric tonnes and a depth rating of 3,050 metres, is currently being moved from the North Makeevskoye-1 (NM-1) location to the Makeevskoye-20 (M-20) location. NM-1 reached a total depth (TD) of 2,500 metres in mid-June and was cased to TD after log and drilling information indicated 4 potential hydrocarbon-bearing zones. Drilling of the M-20 well is expected to commence in mid-July with a projected TD of 2,000 metres. The well will target an amplitude anomaly defined by seismic and is a follow-up delineation well to the successful M-19 and M-21 wells.
Jock Graham, Executive Vice President of the Company says: 'The contracting of a second drilling rig to accelerate the 2012 drilling program is a reflection of the Company's optimism regarding the potential upside in our business in Ukraine. In particular the M-16 well, with a target depth of 3,850 metres, will be the deepest well drilled to date by KUB-Gas. The M-16 well will be not only targeting formations that are currently producing within the Makeevskoye field but will also target deeper formations, which have not been produced from in the Company's license areas, potentially opening up new opportunities for reserve and production growth.'