KUB-Gas LLC placed the Olgovskoye-12 well near Lugansk, Ukraine, in the eastern Dnieper-Donets basin on commercial production on Jan. 1, 2012, and the current rate is more than 4.6 MMcfd of gas.
Kulczyk Oil Ventures Inc., Calgary, has a 70% effective ownership interest in KUB-Gas LLC. Meanwhile, 3P International Energy Corp., Toronto, plans to acquire Gastek LLC, which holds the other 30% interest, by mid-2012, subject to shareholder and regulatory approval and subject to entering into a definitive agreement with Gastek and its current owners.
Total KUB-Gas production from its Ukraine properties has averaged 16.5 MMcfd since Jan. 1 and more than 17 MMcfd since Jan. 4. Condensate production since the start of the year has averaged more than 200 b/d. December 2011 production averaged 12.1 MMcfd and 130 b/d.
The O-12 well went to 2,700 m, and a 10-m zone in the Middle Bashkirian was perforated and production tested at a maximum 8.1 MMcfd on a 10-mm choke.
The tie-in during the first quarter of 2012 of the O-6 and O-8 wells, which were fracture stimulated in the fourth quarter of 2011, will further increase the production capability of the KUB-Gas licenses, Kulczyk Oil said.