Kulczyk Oil Ventures Inc.: Ukraine-K-7 Well At TD-Up To Five Gas Zones Identified
Kulczyk Oil Ventures, announced that the Krutogorovskoye-7 ("K-7") well reached its total depth ("TD") of 3,206 metres. Wireline logging of the well has indicated up to 5 potential gas zones in the Bashkirian and Serpukhovian between depths of approximately 2,390 metres and 2,760 metres.
The K-7 well evaluated the potential of a structure defined by 2D seismic and targeted reservoirs of Moscovian, Bashkirian and Serpukhovian age. Completion operations are expected to occur early in the first quarter of 2013 and the well is expected to be on production in the second quarter of 2013.
Krutogorovskoye is a 1,100 hectare exploration licence granted to KUB-Gas in 2004. It is located near the city of Lugansk, approximately 105 kilometres to the southeast of the KUB-Gas licences at Olgovskoye, North Makeevskoye and Makeevskoye and 12 kilometres northwest of the KUB-Gas licence at Vergunskoye.
KOV also announced that North Makeevskoye-2 (NM-2) well is expected to commence drilling in early December after the K-200 drilling rig, which drilled the K-7 well, has been moved to the NM-2 location and rigged up. The planned TD for the NM-2 well is 3,150 metres. NM-2 is being drilled to evaluate multiple potential gas zones in the Moscovian, Bashkirian and Serpukhovian sections and is expected to take approximately 45 days to reach TD.
Jock Graham, Executive Vice President of KOV, says "we continue to have an active operation in Ukraine with two rigs working concurrently. It is encouraging to see the positive logging results from the K-7 well and, if testing confirms the positive log data, it will be a new discovery for the company. Meanwhile, we are also looking forward to the results from the other well we are currently drilling, Makeevskoye-16, which is also an exploration well. Like any area of operation, exploration success is critical to building on a reserve and production base and Ukraine is no exception. So far we have had great results in Ukraine and we have plans for further growth in this regard."