Kulczyk Positive About Ukraine Site

International upstream company, Kulczyk Oil Ventures, has announced a new pool gas discovery on the Makeevskoye licence in Ukraine.

The Makeevskoye-16 exploration well has tested gas from the S5 zone at more than 4.3 million cubic feet per day. The company says M-16 is the deepest well it has drilled in Ukraine.

In a statement it gave details, saying this is the first time it has tested gas at commercial rates from a reservoir of Serpukhovian age, opening up new opportunities for future growth.

The M-16 well is operated by KUB-Gas, a partially-owned subsidiary in which KOV has a 70% effective ownership interest.

Jock Graham, executive vice-president, commented: “The successful test in the S5 zone, our first in the Serpukhovian section, is very exciting for KOV. We expect that development of the deep Serpukhovian reservoirs will add to both our reserves and production base over time. This new gas discovery has opened up new opportunities and targets elsewhere in our licences, providing an additional path to continued reserve and production growth.”

Earlier this year Kulczyk announced it was abandoning Makeevskoye-2 after disappointing results.