A secondary objective in the Visean-19 (V-19) formation between 3,420 and 3,430 meters was also tested with encouraging indications of gas and condensate. Tests to date of the V-19 have produced at an undetermined rate a mixture of gas, condensate and water, with water dominating. Log analysis indicates that the V-19 is hydrocarbon bearing and Cardinal believes the water is most likely coming from a water-bearing sand below the V-19.
With the presence of hydrocarbons on the Dubrivska license confirmed by the DB #2 well, Cardinal has begun a 3-D seismic survey covering approximately 25 square kilometers on the license, the results of which should be available by spring 2007. The seismic will be evaluated in conjunction with the V-19 and Carbonate Plate hydrocarbon indications to decide whether further drilling on the license should take place. The DB #2 well has been temporarily abandoned pending the results of the 3-D survey.
An agreement has been made with Ukrgaz to take wells #18 and #26 on the Kulickykhin Field out of JAA #429 and return them 100% to Ukrgaz. Production at these wells has declined significantly since the beginning of the year – July production averaged 42 boepd versus 256 boepd in February. In return, Ukrgaz has verbally agreed to complete the North Yablunivska (NY) workovers of wells #201, #203 and #300 at their expense. The workover of NY #203 is ongoing.
Well #4 on the North Yablunivska (NY) license, which is covered by JAA #429, has spudded. The objective is the Tournaisian 1 (T-1) reservoir and total depth is to be 5,400 meters. The well is being drilled with a Ukrainian rig hybridised with modern drill bits and mud conditioning equipment.
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