You're reading: KUB-Gas plans to commission Makeevskoye-21 well in 2012

The Makeevskoye-21 well (Makeevskoye gas field, Luhansk region) of KUB-Gas LCC (Luhansk) is expected to be tied-in for commercial production late in Q3, 2012, the majority shareholder in KUB-Gas - Kulczyk Oil Ventures Limited (Cyprus) – has reported on the Warsaw Stock Exchange (WSE).

 The Makeevskoye-21 (M-21) well was tested for natural gas at a rate of 3 MMcf/d (around 85,000 cubic meters) on an 8-millimeter choke.

As a result of the successful testing of the M-21 well, and the consistently high production rate from the Makeevskoye-19 (M-19) well, the drilling program for 2012 is being revised to bring forward the timing for the drilling of the Makeevskoye-20 (M-20) well. The M-20 well is expected to start to be drilled in mid-July.

The North Makeevskoye (NM-1) exploration well, which commenced drilling on 5 May 2012, has been drilled to its planned total depth of 2,500 metres, wireline logged and cased to its total depth. Evaluation of both the wireline logs and information obtained during the drilling of the well indicates potential for hydrocarbon accumulation in four reservoir units. Production testing of the NM-1 well is expected to take place early in Q3, 2012.

The Olgovskoye-14 (O-14) well is suspended and being evaluated as a potential candidate for fracture stimulation.

KUB-Gas is developing the Olgovskoye, Makeevskoye, North Makeevskoye, Vergunskoye, and Krutogorovskoye gas fields in the Dnieper-Donets basin.

Kulczyk Oil owns a 70% stake in KUB-Gas LLC. Canada’s 3P International Energy Corp. intends to acquire the remaining 30% stake in KUB-Gas.