Cub Energy Inc. announces that the Olgovskoye-24 ("O-24") well has been cased to total depth (TD) as a potential gas producer. The O-24 well is operated by KUB-Gas LLC (KUB-Gas), a partially-owned subsidiary in which Cub has a 30% ownership interest through its 30% shareholding of KUBGas Holdings Limited.
The O-24 well commenced drilling in August with an original planned TD of 2,900 metres. During the course of the drilling it was decided to deepen the well to further test the Serpukhovian zone first discovered in the M-16 well and later in the O-15 well. Consequently the O-24 well was drilled to a final TD of 3,300 metres and logged. The logs indicate four potential gas-bearing zones in both the Bashkirian and Serpukhovian zones. Production testing of the well is scheduled to occur prior to year-end.