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Kulczyk Kicks Off Drilling Olgovskoye Well

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Kulczyk Oil Ventures (KOV) announced Monday that drilling has started on the Olgovskoye-15 well. The O-15 well is operated by KUB-Gas, a partially-owned subsidiary in which KOV has a 70-percent effective ownership interest.

KOV said that the O-15 well, with a planned total measured depth (MD) of 10,498 feet (3,200 meters), will be drilled as a directional well to evaluate the potential of the Bashkirian R30c and Serpukhovian S5 reservoir sands. This is part of a plan to further develop the gas production capability of the Olgovskoye Field. The well is expected to take approximately 70 days to reach its planned MD.

The Olgovskoye Production Licence is located approximately 99 miles (160 kilometers) to the northwest of the City of Lugansk in northeastern Ukraine. Since KOV acquired its ownership interest in KUB-Gas in June 2010 five Olgovskoye gas wells have been tied-in to commercial production and two wells, Olgovskoye-6 (O-6), which was drilled prior to June 2010, and Olgovskoye-8 (O-8), were fracture stimulated in the fourth quarter of 2011.

The O-6 well was tied-in as a producing gas well in early February 2012 at a gross rate of 1.5 million cubic feet per day (MMcf/d) and the O-8 well was tied-in to commercial production in March 2012 at a gross rate of 1 MMcf/d. Gross production from the Olgovskoye Licence averaged 11.42 MMcf/d to KUB-Gas (8.0 MMcf/d net to KOV) during the month of February, representing approximately 42 percent of total production from all of the licenses.



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