Kulczyk Sees Potential for Success in Ukraine

Polish explorer Kulczyk Oil Ventures (KOV) has announced today that it has identified several potential pay-zones with across several of its licences in Ukraine.

In the company's Makeevskoye licence, the Makeevskoye-21 (M-21) well has identified two potential hydrocarbon-bearing zones. The company says this well, which was drilled to a depth of 2,210 metres, correlates to another well already producing on the licence, the M-19 well. This well flowed at a test rate of 3 million cubic metres a day on an 8 milimetres choke.

In the North Makeevskoye licence, on which the company spudded its first well last month, KOV says it sees potential for hydrocarbon accumulation in four separate reservoirs. Production testing on the NM-1 well is due in the third quarter of this year, which may give way to more definite figures.

Hydrocarbon zones were again identified at a third Ukrainian licence, where the Olgovskoye-14 well was drilled in the summer of last year. However, low permeability motivated the company to suspend this well, KOV said today with a view instead to futher fracture stimulate the well this year.

The company has previously successfully fracked the Olgovskoye-6 ("O-6") and Olgovskoye-8 wells on this licence.

Kulczyk holds a 70 per cent stake in each of these licences through its interest in KUB Gas. KUB Gas holds a total of five licences in Ukraine, four of those gas producing.