Kulczyk Oil Ventures (KOV) has started drilling at the Olgovskoye-18 (O-18) well in Ukraine. KUB-Gas is operating the well and is a partly owned subsidiary, wherein KOV holds a 70% ownership interest.
The company will examine the O-18 well’s gas bearing reservoirs, with a 2,300 m of proposed total depth (TD), to additionally increase the capacity of gas production at the Olgovskoye Field. KOV may take 35 days to drill the O-18 well.
This fresh Olgovskoye-18 well is the fifth well that is drilled at the Olgovskoye License, as KOV purchased its ownership interest in KUB-Gas during June 2010. This well is the part of a development campaign on the assets of KUB-Gas during 2011 and 2012, which has been engaged in the drilling of the recent wells at O-8, O-9, O-12 and O-14. Recently, the O-9 well has started the production commercially at an approximate rate of 2 MMcf/d, which results in the total production increase from the Ukrainian assets to over 12 MMcf/d, and the O-12 well was examined for production at a rate of 8.1 MMcf/d. This O-12 well is likely to be united for profitable production in the fourth quarter of 2011. At present, the Olgovskoye field is producing from five wells, wherein every well produces from an individual prospect.
KUB-Gas holds a 100% interest in the Krutogorovskoye, Makeevskoye, North Makeevskoye, Olgovskoye and Vergunskoye licenses in Ukraine.
Source: http://www.kulczykoilventures.com/