Project Profile
Value: US$108 million
Location: KUB-Gas licenses, Ukraine
Production: 5.9 million cubic feet per day (166 thousand m3 per day)
The KUB-Gas licenses (Vergunskoye, Olgovskoye, Makeevskoye and Krutogorovskoye) are situated in the north-eastern part of Ukraine in the Dnieper-Domets Basin and Pripyat Graben. The area accounts for 90% of the oil and gas production of Ukraine and is well served by transport infrastructure. During the first five months of 2010 the average gas production from the licenses held by KUB-Gas was 5.9 million cubic feet per day (166 thousand m3 per day). The project involves implementing a program aiming to increase production and reserves of Kub-Gas.
The NM-1 well is located approximately 10 kilometres to the northeast of the Olgovskoye Field. The M-19 well, located a kilometre west of M-20, is now producing 5.2 million cubic feet per day, while the M-21, around two kilometres west of the M-20 location, was brought onto production last week at a rate of 1.7 million cubic feet per day. The Makeevskoye R8 Pool was originally discovered by the M-19 well drilled in 2010 and built upon by the M-21 earlier in 2012.
Operator:
KUB-Gas Holdings Limited (KHL): (Serinus Energy and Resano Trading Ltd., an affiliate of the Burisma Group): Operator with 70% interest
Gastek (Cub Energy): 30% interest