Kulczyk Oil Ventures declares the discovery of commercial volumes of natural gas in the Krutogorovskoye-7 (K-7) exploration well in Ukraine. The K-7 well is operated by KUB-Gas, an indirect partially-owned subsidiary in which KOV has a 70% effective ownership interest.

The K-7 well commenced drilling in September 2012 and was cased to a total depth ("TD") of 3,206 metres in early November 2012. Wireline logging of the well indicated up to five potential gas zones in the Bashkirian and Serpukhovian between depths of approximately 2,390 metres and 2,760 metres. A 10 metre section of the Bashkirian B12 zone, from a depth of 2,395 to 2,398 metres and from 2,400 to 2,407 metres, was selected for testing.

Production testing of the B12 zone yielded an initial rate of 4.937 million cubic feet per day ("MMcf/d") and a final rate of 4,971 MMcf/d through an 8 millimetre ("mm") choke during a 50 minute initial flow period. Average production rate during this initial period was 4,934 MMcf/d. Flowing tubing pressure, which averaged 15,185 kilopascals ("kPa"), was fairly constant ranging between 15,196 kPa at the start of test to 15,300 kPa at the end of the initial flow period.

Tags: Kulczyk