Kulczyk Oil Ventures (KOV) said that its 70% owned subsidiary, KUB-Gas, has won another exploration license area in Ukraine.

The North Makeevskoye exploration license is located adjacent to the KUB-Gas Makeevskoye and Olgovskoye licenses, near the City of Lugansk in eastern Ukraine.

The award of this license to KUB-Gas increases their total holdings to five license areas and increases their total area under license by more than 110% .

The North Makeevskoye exploration license has a five-year term effective 29 December 2010.

It is located adjacent to the Makeevskoye license and 4km east of the KUB-Gas M-19 gas discovery which was production tested in late December at 5 million standard cubic feet per day (mmscf/d) through a 10 mm choke.

KOV and its joint venture partner KUB-Gas will incorporate all available subsurface data at North Makeevskoye into an exploration model similar to that which was successfully constructed for the Makeevskoye and Olgovskoye licenses.

This will be followed by the acquisition of a 2D seismic survey over the North Makeevskoye exploration license in mid-2011.

The first wells to be drilled on the new license might be expected in late 2011 or early 2012 depending on results of the 2011 seismic program.