Kulczyk Oil Ventures said that the M-19 well in Ukraine has reached its targeted total depth of 2,060m and has been logged and cased to the total depth in preparation for testing.
On 16 August 2010, two months after the closing of the acquisition by Kulczyk Oil of an effective 70% interest in KUB-Gas, KUB-Gas commenced the drilling of the M-19 well.
The M-19 exploration well is located approximately 2km from the Makeyvskoye Field, and was designed to evaluate three separate targets.
The first one is a Triassic target at a depth of approximately 700m, the second being a seismic anomaly at an approximate depth of 1,450m and the third one is the potential of deeper Muscovian reservoirs which produce in both the Olgovskoye and Makeyvskoye Fields.
The well has been logged with both locally available logging tools and western logging tools.
The preliminary log analysis on M-19 indicates that, while the primary Triassic target was not hydrocarbon bearing, the secondary seismic anomaly target is an approximately 19m thick sandstone unit that appears to contain hydrocarbons.
In addition, several zones have been identified within the underlying Muscovian tertiary target section that may also be hydrocarbon bearing.
Operations on the M-19 well have been temporarily suspended until a work-over rig is available to move on to the location to test the well that is expected to take place during the month of November.
The drilling rig used to drill the M-19 well is now moving to the Olgovskoye Field and will commence drilling the O-8 development well with a targeted total depth of approximately 2,800m.
The O-8 development well will be followed by the O-12 development well, planned to commence in either late 2010 or early 2011.