Serinus finds Visean oil, gas in northeastern Ukraine

Serinus Energy Inc., Calgary, formerly Kulczyk Oil Ventures Inc., said it recovered oil and gas from formations of Visean age at the Makeevskoye-3 exploratory well on the North Makeevskoye license in Ukraine, potentially opening a new play.

Third well on the license, NM-3 is 3 km southeast of NM-1. NM-3 reached 2,426 m measured depth after penetrating metamorphic basement.

Petrophysical analysis of logs identified a 30-m thick Visean aged sandstone as being potentially oil saturated. An open hole drillstem test was conducted at 2,344-2,426 m and recovered one-half cu m of 37° gravity oil and minor amounts of gas. Serinus cased the well for further tests and collected fluid samples for laboratory analysis.

The well may be capable of producing at commercial rates after stimulation, the company believes. Further analysis of the full diameter core recovered over the zone of interest, petrophysical analysis, and fluid analysis will be required to fully assess the prospectivity of this formation.

A positive oil test is a first for the company in Ukraine and is of particular importance as it is the first indication that the Visean formations are hydrocarbon bearing on the company’s licenses.

Jock Graham, executive vice-president and chief operating officer, said, “While the log analysis indicated that the formation was potentially hydrocarbon bearing, the reservoir also looked very tight, and we weren’t really expecting much in the way of hydrocarbon recovery. Consequently we were pleasantly surprised that both oil and gas were recovered from the well.”

NM-3 is operated by KUB-Gas LLC, a majority-owned subsidiary in which Serinus has a 70% effective ownership interest. KUB-Gas has 100% interest in five licenses near Lugansk in northeastern Ukraine.

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