Ukraine: Kulczyk unit spuds well on Olgovskoye block

Kulczyk Oil Ventures Inc., Calgary, said its 70% owned KUB-Gas LLC subsidiary has spudded the Olgovskoye-15 directional well in Ukraine.

O-15 is projected to 3,200 m to evaluate the potential of the Bashkirian R30c and Serpukhovian S5 reservoir sands to further develop Olgovskoye field. Kulczyk expects 70 days of drilling time.

The Olgovskoye production license is in northeastern Ukraine 160 km northwest of Lugansk. Since KOV acquired its ownership interest in KUB-Gas in June 2010, five Olgovskoye gas wells have been tied into commercial production and two wells, O-6 and O-8, were fracture stimulated in the fourth quarter of 2011. O-6 was connected in February 2012 at a gross 1.5 MMcfd and O-8 in March 2012 at a gross 1 MMcfd.

Gross production from the license averaged 11.42 MMcfd to KUB-Gas in February 2013.

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