Kulczyk Oil Ventures Inc. says that the North Makeevskoye-2 (NM-2) exploration well, which commenced drilling in early December, has been abandoned after being drilled to a depth of 3,150 metres after wireline logs and other information obtained during the drilling operation did not indicate any prospective zones. The NM-2 well is operated by KUB-Gas LLC (KUB-Gas), a partially-owned subsidiary in which KOV has a 70% effective ownership interest.

North Makeevskoye Licence

The North Makeevskoye Exploration Licence is located immediately northeast of KUB-Gas' Makeevskoye and Olgovskoye licences, approximately 130 kilometres to the northwest of the City of Lugansk in eastern Ukraine. The Company believes the licence to be geologically similar to the productive areas which lie along the primary South-Eastern Dnieper-Donets Basin gas/condensate structural trend - such as the adjacent KUB-Gas Makeevskoye and Olgovskoye Licences.

Tags: Kulczyk Oil Ventures