Kulczyk starts drilling in Donetsk

Kulczyk Oil Ventures (KOV) has announces that the M-19 well has commenced drilling  at the Makiivka gas deposit in Donetsk region of Ukraine.

KOV is owned by Polish billionaire Jan Kulczyk, who bought into Ukraine’s natural gas production in June.

Through its subsidiary, Loon Ukraine Holding, KOV took a 70% stake in of one of Ukraine’s largest private producers of natural gas, KUB-Gas, for $45 million.

The M-19 is the first well to be drilled by KUB-Gas since the acquisition by KOV.

KOV has also stated its interest in shale gas in Poland.

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