Kulczyk Oil Ventures (KOV) has declared that it has started commercial production in the Makeevskoye-21 (M-21) well located in Ukraine.
The production at the well has been at an initial rate of 1.7 MMcf/d. KUB-Gas, a partly-owned subsidiary, operated the Makeevskoye-21 well. KOV holds a 70% ownership interest in KUB-Gas.
The company drilled this M-21 exploration well to 2,210 m of total depth (TD) in the Q1 of this year and this well was specifically cased to TD pending the well completion for commercial production of gas. The company announced that the R8 target zone was previously examined at a rate of 3 MMcf/d, on 19 June 2012. The well was specifically drilled to additionally expand the Makeevskoye R8 Pool that was identified originally by the Makeevskoye-19 (M-19) well, which was drilled during the second half of 2010. The M-21 is the second exploration well producing from the R8 pool. The M-19 well is situated 1 km towards the eastern part of the M-21 location and began production at an initial rate of more than 5.5 MMcf/d from the R8 zone during July 2011.
KOV is a global upstream firm that explores and produces oil and gas and has various portfolio of projects located in Brunei, Syria and Ukraine. KUB-Gas’ assets include 100% interests in five licences located adjacent to Lugansk in Northeast Ukraine. Four licences out of five produce gas. KOV holds a 36% working interest in Block M, which is a 1,505-sq. km region onshore in Southern Brunei, and a 90% working interest in Block L, which is a 1,123-sq. km area that encloses offshore and onshore regions in Northern Brunei.