Kulczyk Oil completes drilling M-16 well

KUB-Gaz, a 70%-owned Ukrainian subsidiary of Kulczyk Oil (KOV PW), completed drilling its M-16 exploration well, currently its deepest, to a total depth of 4,300 m, Kulczyk announced on Dec. 7. Drilling information indicated seven gas-bearing zones, or 22 metres of confirmed potential gas-bearing zones, with the possibility of an additional 49 metres. The M-16 well’s gas flow test results are expected in 1Q13.