The NY-3 well is planned to a total depth of 2,300 metres to evaluate several prospective horizons. The NY-3 well is funded through existing Kub-Gas cashflow.

The WO licence is a relatively new licence obtained in 2015 that is on strike to the producing Olgovskoye and Makeevskoye licences. The WO licence surrounds, but does not include, the existing Druzhelyubovskoe gas/condensate field, which has produced over 180 billion cubic feet (“Bcf”) of gas since 1979, from the same Moscovian and Bashkirian zones that produce in Kub-Gas’ Olgovskoye and Makeevskoye licences.

Mikhail Afendikov, Chairman and CEO of Cub said: “We are pleased to spud our first well on WO and anticipate shooting a 3D seismic program on the licence later in 2018 and into 2019 to further delineate further prospects.”

Source: Company Press Release