Kulczyk Encounters Gas at Olgovskoye O-14
Kulczyk Oil Ventures has announced that the O-14 well in the Olgovskoye field, in north-eastern Ukraine, has been cased to total depth (TD) after encountering eight potential gas bearing reservoirs.
The O-14 exploratory well was drilled to a TD of 2,800 metres. The eight potential gas-bearing zones where encountered in the Middle and Lower Bashkirian portions of the well. The well was drilled to further increase the gas production capability of the Olgovskoye field and was drilled into a separate fault block which had not previously produced gas. Production testing of the O-14 well is expected to commence in late August / early September.
The drilling rig will now be moved to a new location at O-12 which lies at the north end of the Olgovskoye licence area. The new well is located 500 metres northeast of the O-7 well and 7,000 metres northeast of the recently drilled O-14 location. The O-12 well is designed to test gas-bearing reservoirs in the Muscovian and Middle Bashkirian and to further develop the gas production capability of the Olgovskoye Field. The O-12 well is expected to commence drilling in late July.
The O-14 well is the third new well drilled on the Olgovskoye licence since the Company acquired its 70% interest in KUB-Gas in June 2010 and is part of a larger development program on the KUB-Gas assets through 2011 and 2012.
Kulczyk Oil completed drilling of the Olgovskoye-8 well in early January 2011. This well is expected to be tested and completed later in the third quarter of 2011. The O-8 well was drilled to a TD of 2,780 metres and wireline logging of the open hole identified several potential hydrocarbon-bearing zones. Another well on the Olgovskoye license, the O-9 well, reached its TD of 2,638 metres in mid-April and was cased to total depth as a potential multi-zone gas well. Completion and testing of the O-9 well indicated a gas discovery in a new zone known as the R37 unit.
The Olgovskoye field currently produces from 4 wells (O-3, O-4, O-5 and O-7) with each well producing from a separate horizon. Through its interest in KUB-Gas, one of the largest private gas producers in the Ukraine, KOV has an effective 70% interest in the Olgovskoye field.
Source: Kulczyk Oil Ventures