Kulczyk Oil commences drilling on NM-2 well

KUB-Gaz, a 70%-owned Ukrainian subsidiary of Kulczyk Oil (KOV PW), commenced drilling of an NM-2 well after the successful drilling of its K-7 well, which revealed five potential gas-bearing zones, Kulczyk announced on Dec. 4. The drilling is expected take about 45 days to reach a total measured depth of 3,187 m. The well is targeting prospective resources at a low estimate of 14.44 Bcf.

Roman Dmytrenko: The NM-2 is the company’s second attempt in its North Makeyevskoye exploration license. The first one – an NM-1 well located 13 km northwest of the NM-2 well – was drilled in 2Q12 and indicated insufficient natural gas flow. It’s considered a candidate for fracking. In this respect, we are looking forward to the NM-2 drilling results, which might remove the risk status from North Makeyevskoye’s licensed reserves.