|One well was put into production in Q4 that is averaging 220boed. 10 More wells possible just from just that one location. Then add in their other projects like the JV, NRU, etc. |
Cub Energy recompletes Olgovskoye-3 well in Ukraine
2018-11-20 07:52 MT - News Release
Mr. Mikhail Afendikov reports
CUB ENERGY INC. ANNOUNCES THE SUCCESSFUL RECOMPLETION OF THE O-3 WELL IN EASTERN UKRAINE
Cub Energy Inc.'s KUB-Gas LLC, owner and operator of the eastern Ukraine licences, has released results of its recent recompletion of the Olgovskoye-3 well.
Kub-Gas utilized its own workover rig and crew to recomplete a productive gas sand interval designated as the Bashkirian-1b. The well has stabilized at a rate of 1.4 million cubic feet per day since October, 2018.
Mikhail Afendikov, chairman and chief executive officer of Cub Energy, commented: "The successful O-3 recompletion, coupled with the recent success of the O-9 recompletion in the second quarter of 2018, has increased the total field production by almost 20 per cent. Given the recent successes of the recompletions, their relatively low cost and the high gas price environment in Ukraine at present, Kub-Gas's priority is to focus on additional recompletion candidates, of which at least 10 wells have been identified."
About Cub Energy Inc.
Cub Energy is an upstream oil and gas company, with a proven record of exploration and production cost-efficiency in Ukraine. The company's strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of producing oil and gas assets within a high pricing environment.
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