KOV's Makeevskoye-21 Well in Production

Kulczyk Oil Ventures (KOV) has announced today that it has put its Makeevskoye-21 (M-21) well in Ukraine into production at a rate of 1.7 million cubic feet per day (MMcf/d). Kulczyk has a 70 per cent stake in operator of the well KUB-Gas.

The well, which was drilled in February of this year, tested in June at a flow rate 3 MMcf/d following targeting of the same resource pool the Makeevskoye-19 (M-19) discovered in the second half of 2010.

The M21 well is now flowing from the same pool as the M-19, which was put into production in July of last year. The M-19 well, which has been in production since July 2011, flowed at an initial rate of 5.5 MMcf/d.

Due to its stake in the project through KUB-Gas, 1.2 MMcf/d of daily production from M-21 will go to KOV. The other 30 per cent of production -- 0.5 MMcf/d- will go to KUB-Gas's other shareholder Gastek.