Ukraine: Cub Energy spuds well, finals acquisition

KUB-Gas LLC, in which Cub Energy Inc., Houston, has a 30% effective ownership interest, has spudded the North Makeevskoye-3 exploratory well on its properties in eastern Ukraine.

The directional well has a planned measured total depth of 2,500 m and main objectives in multiple stacked targets of Triassic to Visean age. The KUB-Gas rig is drilling the well 10 km northeast of the Olgovskoye-15 gas discovery well.

Meanwhile, Cub Energy has completed the acquisition of a private Ukrainian oil and gas exploration company, increasing its undeveloped land holding in Ukraine to 244,000 gross, 180,000 net acres.

The company expects to begin shooting 3D seismic on the three 100% working interest licenses in the third quarter of 2013 and drill the first well in early 2014.

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