Kulczyk Oil discovers new potential gas-bearing zones in Ukraine

Kulczyk Oil Ventures (WSE: KOV PW) discovered new gas deposits through the O-14 exploratory well on the Olgovskoye field in Ukraine, according a company announcement yesterday on the Warsaw Stock Exchange. The O-14 well is the third (following O-8 and O-9) well drilled on the Olgovskoye license since Kulczyk acquired a 70% interest in KUB-Gas in June 2010. The Olgovskoye field currently produces from four wells (O-3, O-4, O-5 and O-7). Production testing of the O-14 well is expected to commence in late August / early September.