Ukraine: KUB-Gas Evaluating Olgovskoye Field Potential

A new well will help to further evaluate the potential of the Olgovskoye field in Ukraine, the two companies involved in KUB-Gas said today.

KUB-Gas, which is operated by Kulczyk Oil Ventures (KOV), will use the Olgovskoye-15 (O-15) well to assess the potential of Bashkirian R30c and Serpukhovian S5 reservoir sands to increase production at the field. The well is expected to be drilled to a depth of 3,200 metres.

KOV, which has a 70 per cent stake in KUB-Gas, and Cub Energy, which holds the other 30 per cent stake, have seen steady progress at the field, which now has five commercial production wells. Total gas production from the entire licence averaged 11.42 million cubic feet per day as of last month.

The field, which is located around 160 kilometres northwest of the Ukrainian city of Lugansk, accounts for 40 per cent of Cub Energy's total production from all its licences. It accounts for 42 per cent of KOV's total production.