Kulczyk Oil discovers new gas deposits on the Olgovskoye field

Kulczyk Oil Ventures (WSE: KOV PW) discovered new gas deposits on the Olgovskoye field in Ukraine, according to company’s yesterday’s announcement on the Warsaw Stock Exchange. Kulczyk preliminary estimates the new R37 unit reserves at over 4 Bcf (113 mln m3). The deposits were discovered at a depth of 2.56 km which was previously unexplored. Antonina Davydenko: the discovery of new deposits is clearly positive for the company. Moreover, the fact that commercial rates of gas flowed in R37 without any stimulation suggests there are more potentially recoverable resources at this depth.