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Cub Energy Inc. has reported that the North Makeevskoye-4 exploration well commenced drilling on June 16, 2014. NM-4 is operated by KUB-Gas LLC, a partially-owned subsidiary in which Cub has a 30% effective ownership interest through its 30% shareholding of KUBGAS Holdings Limited.
NM-4 is located approximately 3 kilometres west of the NM-3 well drilled in July 2013. It is a combination structural/stratigraphic play targeting Moscovian aged channel sands, defined from amplitude anomalies observed on 3D seismic data. The NM-4 prospect is estimated to have 1 Bcf of prospective resources (best estimate) by the Company's independent third party evaluator (as of December 31, 2013). The planned total depth is 2,000 metres and the well is expected to take 41 days to drill.
If NM-4 is successful, it will strengthen the chances of success on two more fault blocks within the same channel system, and could open up a new exploration fairway within the Olgovskoye, Makeevskoye and North Makeevskoye licences.
North Makeevskoye Licence
North Makeevskoye is the largest of the five licences in which Cub participates through its working interest in KUB-Gas. It does not yet have production, but the NM-3 well drilled in 2013 tested small amounts of oil from the Visean section. A stimulation is planned for later this year to try to achieve a commercial flow rate.