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Cub Energy resumes Ukraine drilling as security situation improves

03rd October 2014

Cub Energy has announced that the security situation in and around the Makeevskoye, Olgovskoye and North Makeevskoye licences in eastern Ukraine has improved and it has resumed its drilling programme

Cub Energy resumes Ukraine drilling as security situation improves
otal time to drill, test and complete is expected to be approximately 80 days

Cub has spudded the Makeevskoye-22 (M-22) well through it 30 per cent owned subsidiary KUB-Gas LLC (KUB-Gas), which owns and operates the eastern Ukraine licences.

M-22 is located on the southwest side of the major fault that runs through the Makeevskoye and Olgovskoye licences and is a near offset to the M-2 well drilled in 1991, which tested 300 thousand cubic feet per day (Mcf/d) from the S5 in the Serpukhovian section and is currently producing approximately 272 Mcf/d.

The primary target in M-22 is the S6 zone which has proven very prolific in the M-16, M-17, and O-15 wells. There are secondary targets in the S5 and S7 zones as well.

Total time to drill, test and complete is expected to be approximately 80 days. In the event of a successful well, tie-in will follow very shortly as several flowlines were constructed earlier this year in anticipation of future drilling.

This well will qualify for the lower royalty rate of 30.25 per cent.

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