Drilling Commences at Ukraine O-8 Well

Kulczyk Oil announced that the O-8 well in the Olgovskoye Field commenced drilling on Nov. 17, 2010.

O-8 Development Well

The O-8 well is located in the southern part of the Olgovskoye field approximately 2,100 meters to the southeast of the O-7 well which was recently put on production. The O-8 well will be drilled to a depth of 2,800 meters and is designed to target the gas-bearing reservoirs of the Lower Bashkirian. The drilling of the O-8 well is expected to take approximately 45 days.

The O-8 well, the first new well drilled in the Olgovskoye field since the Company acquired its interest in KUB-Gas in June of this year, is part of a larger field development program currently being finalized which will result in an active drilling program on the KUB-Gas assets over the balance of 2010 and through 2011.

Olgovskoye Field

With the successful tie-in of the O-7 well, the Olgovskoye Field now produces from 4 wells (O-3, O-4, O-5 and O-7) with each well producing from a separate horizon. The O-3 well produces from a Lower Muscovian horizon, the O-4 well produces from the Middle Bashkirian sands and the O-5 well produces from an Upper Muscovian horizon. The new O-7 well produces from a Lower Bashkirian horizon.

Kulczyk Oil is very pleased with the results of work done on the KUB-Gas assets since the acquisition in June. The work program for 2011, which will be finalized by KUB-Gas with the assistance of KOV personnel over the next month, will principally target the comprehensive and efficient exploitation of the Olgovskoye and Makeyevskoye Fields. This will involve the drilling of new wells, the completion of new zones in existing wells, dual completions, stimulation treatments using modern and technically advanced methods commonly used elsewhere in the world and the effective implementation of a compression strategy.

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