Kulczyk Oil Successfully Tests Ukraine Well

Kulczyk Oil announced a successful gas test at the KUB-Gas M-19 well in Ukraine. KOV acquired 70% of KUB-Gas in June 2010.

HIGHLIGHTS

  • The M-19 well tested gas at a rate of approximately 5 million standard cubic feet per day ("MMscf/d") at 11 MPa (1,600 psig) through a 10 mm choke
  • The well is expected to be tied-in to the Makeevskoye field processing facilities during the second quarter with a production target of approximately 2 MMscf/d for the remainder of 2011
  • Based on average KUB-Gas production of 6.2 MMscf/d in December 2010 the new production from the successful tie-in of the M-19 well could increase overall production from KUB-Gas wells more than 30%

M-19 Exploration Well

The M-19 well commenced drilling on August 16, 2010, only two months after the closing of the partial acquisition of KUB-Gas LLC ("KUB-Gas") by Kulczyk Oil. The well reached a total depth of 2,060 meters in mid-October, encountering several potential new gas-bearing reservoirs. The M-19 exploration well, located approximately 2 kilometers from the Makeevskoye field, was designed to evaluate 3 separate targets: (1) a Triassic target at a depth of approximately 700 meters; (2) a seismic anomaly at an approximate depth of 1,450 meters; and (3) the potential of a deeper reservoir series. The well was logged with locally available logging tools as well as western logging tools so that the Company can compare the results between the two sets of logging data over the same formations and gain a better understanding of the old logs. The M-19 well is the first well within the 4 fields operated by KUB-Gas in Ukraine to be logged with modern logging tools.

The logs indicated that, while the Triassic target was not present, the seismic anomaly was an approximately 18 metre thick sandstone unit that appeared to contain hydrocarbons. It was this sandstone unit that was produced at 5 MMscf/d of natural gas through a 10 mm choke when tested in December. In addition, several zones which appear to contain hydrocarbons were identified within the underlying Muscovian target section.

The successful testing of the newly discovered zone in the M-19 well has confirmed the effectiveness of modern seismic interpretation techniques in the identification of new exploration targets.

KUB-Gas has initiated the processes to obtain the necessary regulatory approvals for construction of a pipeline and tie-in of the M-19 well. Regular production from the M-19 well is expected to commence during the second quarter of 2011 with a production target of approximately 2 MMscf/d for the remainder of the year.

Exploration and development plans for 2011 include a continuous drilling program focused on the Makeevskoye and Olgovskoye license areas and the acquisition of 3D seismic in those areas commencing late in the first quarter.

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