Kulczyk Oil Ventures' Makeevskoye-20 Begins Drilling

Kulczyk Oil Ventures (KOV) has announced that it has begun drilling  its latest Ukrainian well, the Makeevskoye-20 (M-20) well.

The well will aim for a total depth of 1,982 metres and is expected to take 40 days to complete. The well will target the Makeevskoye R8 zone at a depth of 1,450 metres, a zone previously targeted by the Makeevskoye-19 (M-19) well. The M-19 well was first drilled in the second half of 2010 with further work undertaken on it by the Makeevskoye-21 (M-21) well in the second quarter of this year.

Production has already commenced on both those wells with an initial flow rate of excess of 5.5 million cubic feet per day noted from July 2011 and 3 million cubic feet per day flowing from the M-21 well from June of this year.

Both wells are producing from the same zone, the R8 zone, that the M-20 well is targeting.

"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. "If successful, the M-20 well will be the third well in this pool and will further increase the company’s production and revenue from Ukraine."

All three wells are operated by KOV subsidiary KUB-Gas, a company in which KOV holds a 70 per cent stake.