Головна сторінка
/
Новини
/

Kulczyk Oil commences drilling of K-7 well

Kulczyk Oil commences drilling of K-7 well

12 September 2012

KUB-Gaz, a 70%-owned Ukrainian subsidiary of Kulczyk Oil (KOV PW), after successful tests of its M-20 well earlier this month, commenced drilling of the new K-7 well, Kulczyk announced yesterday. Drilling is expected take about 50 days to reach total measured depth of 3,200 m and explore new gas bearing zones, which were earlier defined by 2D seismic tests.

Roman Dmytrenko: Unlike the company’s recently drilled M-20 well, which targeted proved reserves in the R8 production zone, the new K-7 well targets prospective resources that imply a high risk of failure. This risk exacerbates the company’s need for additional financing (via a previously announced SPO) as the company may not have sufficient internal funds to continue its drilling program. On the flipside, successful exploration will be beneficial for the company’s value, as it could expand Krutogorovskoye license area 3P reserves by 2x-9x to 4.7-21.8 Bcf.

Останні новини

News

23

02/2022

Separatists may claim entire territories of two Ukrainian regions

Russia has recognized “all fundamental documents” of the self-proclaimed Donetsk and Luhansk People’s Republics (DNR...

News

23

02/2022

U.K. to provide USD 500 mln loan guarantee for Ukraine as IMF mission starts

The British government is going to provide up to USD 500 mln in loan guarantees...

News

23

02/2022

MinFin bond auction receipts jump to UAH 3.5 bln

Ukraine’s Finance Ministry raised UAH 3.3 bln and EUR 7.2 mln (the total equivalent of...