Kulczyk Oil takes another shot at its North Makeyevskoye license
4 June 2013
Kulczyk Oil (KOV PW), via its 70%-owned Ukrainian subsidiary KUB-Gaz, commenced drilling on its NM-3 well in its North Makeyevskoye reserve, Kulczyk announced on June 3. The drilling of a new directional well is expected to take about 35 days to reach a total measured depth of 2,500m. The well will evaluate multiple targets in sediments formed during the Triassic to Visean ages.
Roman Dmytrenko: NM-3 is the company’s third attempt in its North Makeyevskoye exploration license after the NM-1 and NM-2 exploration wells demonstrated no commercial natural gas flow, putting into doubt the reserve’s value. Kulczyk has also scheduled drilling on the NM-4 well for 4Q13. In our view, if both wells prove dry, we might see Kulczyk report a loss for 2013 from a North Makeyevskoye write-off.
