Kulczyk Cases Third Makeevskoye Well

Kulczyk Oil Ventures (KOV) has found success with a third well in the R8 pool, the Makeevskoye-20 (M-20) well on the Ukrainian Makeevskoye field.

The company announced today that it had cased the well as a gas well ready for production following drilling of a depth of 2,000 metres. The positive result is the second success for KOV from the same pool, the R8 pool, within the last few weeks, and the third successful commercial well overall for KOV.

Last week, the company announced that it had put the Makeevskoye-21 (M-21) well into production. The M-21 well, which was drilled in the first quarter of this year, has a flow rate of 1.7 million cubic feet per day.

The company first found success on the Makeevskoye well in 2010, with the commercial production of the Makeevskoye-19 (M-19) well. That well was put into production in July of 2011, flowing at an initial rate of 5.5 million cubic feet per day from the R8 pool.

KOV noted today that it had charted a significant increase in gas in the drilling mud on the M-20 well area when the R8 zone was penetrated during the drilling operation. Additionally, wire-line logs have indicated that the zone is 18.5 metres thick, has an average porosity of more than 25 per cent and appears to be "completely gas charged".

"We are pleased to be able to accelerate gas production from the Makeevskoye licence by continuing to develop the R8 Pool," Executive Vice President of KOV Jock Graham said today: "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."

KOV has a 70 per cent stake in the Makeevskoye field through subsidiary KUB-Gas.