Kulczyk Announces Record Production in Ukraine

Kulczyk Oil Ventures has announced record high production levels from its Ukraine properties.

In what the company describes as a "production milestone", yield from the Makeevskoye-20 (M-20) well in the first days of November averaged 25.3 million cubic feet per day. These levels are 13% higher than the average gas production level of 22.3 MMcf/d gross achieved during the third quarter.

Production increases were primarily due to the tie-in of the M-20 well, which commenced commercial production in early November. It is now producing natural gas at a rate of 6.2 MMcf/d gross (4.4 MMcf/d net to KOV).

The Makeevskoye-20 well was drilled to a total depth of  2,000 metres in early August 2012. It was drilled to further develop the Makeevskoye R8 Pool. The R8 was originally discovered by the M-19 well drilled in the second half of 2010 and further developed by the Makeevskoye-21 during the second quarter of 2012.

Kulczyk Oil is an international upstream oil and gas exploration and production company with projects in Ukraine, Brunei and Syria.

In Ukraine, KOV owns an effective 70% interest in KUB-Gas LLC. The assets of KUB-Gas consist of 100% interests in five licences near Lugansk in the northeast of Ukraine. Four of the licences are gas producing.