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Serinus sees gas flowing onshore Ukraine

07th January 2015

Serinus Energy has announced that the Makeevskoye-22 (M-22) exploration well has reached its total depth of 3,629 metres, and has encountered gas in six zones

Serinus Energy has announced that the Makeevskoye-22 (M-22) exploration well has reached its total depth of 3,629 metres, and has encountered gas in six zones
M-22 was spud on October 1, 2014, and is located on the southwest side of the major fault that runs through the Makeevskoye and Olgovskoye licences

Two of those zones appear to be net pay, with the other four having resource potential.

Casing has been run and cemented, and the operator, KUB-Gas LLC (KUB-Gas), is now preparing to complete, test and tie-in the well. KUB-Gas is a partially-owned subsidiary in which SEN has a 70 per cent effective ownership interest through its 70 per cent shareholding of KUBGas Holdings Limited.

M-22 was spud on October 1, 2014, and is located on the southwest side of the major fault that runs through the Makeevskoye and Olgovskoye licences.

The S6 and S13a zones appear to be the most promising. The S6 is commercially productive in the area in the M-16, M-17 and O15 wells. The S13a has the best porosity of the six zones and had gas shows during drilling, but it as yet untested within the company’s licences. The well is being cased to total depth, and test programmes for both are being planned.

The S5, S7, S13 and S13b zones have resource potential. All are tighter than the S6 and S13a, and the S13 and S13b have underlying water legs which may require horizontal drilling to eventually develop. These zones will require additional study and analysis to verify their potential.

In addition to potential production and reserves additions (pending successful testing), the M-22 well has two significant impacts on the exploration and development programme in the Makeevskoye and Olgovskoye licences. It validates gas potential on the southwest side of the major bounding fault that runs through the area. The company already has two development locations selected, and will look for additional exploration targets after incorporating the M-22 results into its geological model

Pending a successful test, the S13a is a new horizon and to date, the deepest in which commercial gas has been discovered, which could expand the prospect inventory across both blocks.

Once testing is completed in early February, the company anticipates that the well will be tied in within a few weeks as several flowlines were pre-built in late 2014 in advance of the drilling programme. The final tie-in will be subject to the usual regulatory approvals from the Ukrainian authorities.

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