Cub Energy Inc., a Ukraine-focused upstream oil and gas company, announces that KUB-Gas LLC (“Kub-Gas”), Cub’s 35%-owned subsidiary which owns and operates the eastern Ukraine licences, has commenced drilling of the North Yatskivska #3 (“NY-3”) well on the West Olgovskoye (“WO”) licence. The NY-3 well is planned to a total depth of 2,300 metres to evaluate several prospective horizons. The NY-3 well is funded through existing Kub-Gas cashflow.
The WO licence is a relatively new licence obtained in 2015 that is on strike to the producing Olgovskoye and Makeevskoye licences. The WO licence surrounds, but does not include, the existing Druzhelyubovskoe gas/condensate field, which has produced over 180 billion cubic feet (“Bcf”) of gas since 1979, from the same Moscovian and Bashkirian zones that produce in Kub-Gas’ Olgovskoye and Makeevskoye licences.
Mikhail Afendikov, Chairman and CEO of Cub said: “We are pleased to spud our first well on WO and anticipate shooting a 3D seismic program on the licence later in 2018 and into 2019 to further delineate further prospects.”
