07.08.2012
Kulczyk Oil Ventures completes Makeevskoye-20 well as a gas well

Kulczyk Oil Ventures has reported that the Makeevskoye-20 (M-20) well in Ukraine has been cased to total depth (TD) as a gas well. The well is operated by KUB-Gas, a partially-owned subsidiary in which KOV has a 70% effective ownership interest.

The M-20 well was drilled to a TD of 2,000 metres and cased to TD pending completion of the well for commercial gas production. The primary objective of the well was to evaluate the potential of the R8 zone at a depth of approx. 1,450 metres and further develop the Makeevskoye R8 Pool which was originally discovered by the Makeevskoye-19 (M-19) well drilled in the second half of 2010 and further developed by the Makeevskoye-21 (M-21) during the second quarter of 2012. The top of the R8 zone in the M-20 well is approx. 20 metres higher than in the M-19 well and 36 metres higher than in the M-21 well. A significant increase in gas in the drilling mud was noted when the R8 zone was penetrated during the drilling operation. Wireline logs indicate that the zone is 18.5 metres thick, has an average porosity of more than 25% and appears to be completely gas charged.

The M-19 well, located 1 kilometre to the west of the M-20 location, commenced production from the R8 zone in July 2011 at an initial rate in excess of 5.5 million cubic feet per day (MMcf/d) (3.85 MMcf/d net to KOV). The M-21 well, located approx. 2 kms west of the M-20 location was tied-in for commercial production at the start of August at a rate of 1.7 MMcf/d (1.2 MMcf/d net to KOV). The KUB-Gas owned and operated drilling rig which drilled the M-20 well is scheduled to move to the Krutogorovskoye-7 (K-7) location near to the City of Lugansk in late August. The K-7 well will be drilled to a TD of 3,058 metres to evaluate the potential of Moscovian and Bashkirian zones in a new structure defined by seismic.

Jock Graham, Executive Vice President of KOV, stated: 'We are pleased to be able to accelerate gas production from the Makeevskoye licence by continuing to develop the R8 Pool. The M-20 well has defined a gas column of more than 36 metres for this pool. It is the third well in the pool and, once tied-in as a gas producing well later this year, contributions from M-20 will further increase the Company’s production and revenue from Ukraine.'

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