Cub Energy Inc: The North Makeevskoye-3 Well Tests Oil And Gas-Potential New Play On The North Makeevskoye Exploration Licence
July 31, 2013 (Source: Marketwired) — Cub Energy Inc. (“Cub” or the “Company“) (TSX VENTURE:KUB), an upstream oil and gas company, announced today that an open-hole test of the North Makeevskoye-3 (“NM-3“) exploration well recovered oil and gas from Visean-aged rock formations underlying the North Makeevskoye Exploration Licence, which lies along the south-eastern Dnieper-Donetsk Basin. The NM-3 well is operated by KUB-Gas LLC (“KUB-Gas“), a partially-owned subsidiary in which Cub has a 30% effective ownership interest.
Mikhail Afendikov, Chief Executive Officer commented: “The positive oil test in NM-3 is a first for us in Ukraine and is of particular importance as it is was recovered from a reservoir that Cub has not produced from previously. A positive result from this deeper, Visean reservoir has the potential to develop into a new play and increase the resource potential of Cub’s eastern-Ukrainian assets.”
The NM-3 well was drilled as a directional well and reached a total measured depth (“TMD“) of 2,426 metres after penetrating the metamorphic basement. The Company commenced drilling of the NM-3 well on May 30, 2013 with the main objective to evaluate multiple stacked targets in Triassic to Visean age sediments. The well took 54 days to reach TMD. Petrophysical analysis of the logs identified a 30-metre thick Visean-aged sandstone as being potentially oil saturated and an open-hole drill stem test was conducted over the interval 2,344 metres to 2,426 metres measured depth. The test recovered 0.5 m3 of 37° API oil and minor amounts of produced gas were flared. The well has been cased to TMD to allow for further testing.
The Company believes that the well may be capable of producing at commercial rates with stimulation. Further analysis of the full diameter core recovered over the zone of interest, petrophysical analysis and fluid analysis will be required to fully assess the prospectivity of this formation.
About Cub Energy Inc.
Cub Energy Inc. (TSX VENTURE:KUB) is an upstream oil and gas company, with a proven track record of exploration and production cost efficiency in the Black Sea region. The Company’s strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of producing oil and gas assets within a high pricing environment.
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Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>