KOV executive vice president Jock Graham said the company is able to accelerate gas production from the Makeevskoye licence by continuing to develop the R8 Pool.
"If successful, the M-20 well will be the third well in this pool and will further increase the Company’s production and revenue from Ukraine," Graham added.
The Makeevskoye R8 Pool was initially discovered in the Makeevskoye-19 (M-19) well which was spud in the second half of 2010 and was further developed by the Makeevskoye-21 (M-21) in the second quarter of 2012.
The M-19 well, located 1km to the west of the M-20 location, produced 5.5 million cubic feet per day (MMcf/d) at an initial rate and the M-21 well situated about 2km west of the M-20 well has tested 3 MMcf/d of natural gas from the R8 zone.
The total depth of the M-20 well is projected to be 1,982m and it is expected to take about 40 days to reach the depth.
The M-20 well is operated by KUB-Gas, a 70% owned subsidiary of KOV.
Poland based international Kulczyk Oil Ventures is an upstream oil and gas exploration and production company.
