Kulczyk Oil Ventures Inc. report that the Makeevskoye-21 (M-21) well in Ukraine has commenced commercial production at an initial rate of 1.7 million cubic feet per day (MMcf/d) (1.2 MMcf/d net to KOV). The well is operated by KUB-Gas LLC (KUB-Gas), a partially-owned subsidiary in which KOV has a 70% effective ownership interest.

The M-21 well was drilled to a total depth (TD) of 2,210 metres in the first quarter of 2012 and cased to TD pending completion of the well for commercial gas production. On 19 June 2012 the Company disclosed that the R8 target zone had been tested at a rate of 3 MMcf/d.

Tags: Kulczyk Oil Ventures