Serinus Energy Optimistic About Ukraine's Makeevskoye-17

Canada's Serinus Energy announced that the S7 zone in the Makeevskoye-17 well tested gas at a rate of over 0.9 million standard cubic feet per day. As a result of the testing, the company expects a renewed interest in Ukraine's reserves. 

"The S7 test results are very encouraging, and potentially open up a new play in the company's licences. We are also pleased that work is continuing uninterrupted through this stressful period in Ukraine, thanks to the efforts and dedication of our Ukrainian staff," Jock Graham, Executive Vice President and Chief Operating Office of Serinus, said in a note released on Tuesday. 

The company now intends to complete M-17 as an S6/S7 producer, with the S7 producing unstimulated. This will require the snubbing unit to avoid having to kill and potentially damage either formation. 

Gas samples taken during testing indicate that the gas has a carbon dioxide content of 8.8% and a heating value of 6,960 kilocalories per cubic metre.