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Cub Energy Inc. has reported that production testing has been completed on the S6 sandstone in the Makeevskoye-17 well, and the maximum flow rate achieved was 6.6 million cubic feet per day through an 8 mm choke at a flowing wellhead pressure of 2,970 psi.
The well has been shut in for a pressure build up, after which the recorders will be retrieved and the well will be tied in for production.
The M-17 well is operated by KUB-Gas LLC, a partially-owned subsidiary in which Cub has a 30% effective ownership interest.
As previously disclosed (press release of March 19, 2014), logs indicated 9 metres of net pay in the S6 sandstone. The S6 was flowed at five different choke sizes and rates for periods of between 2 and 3 hours each. The final rate for each period along with the flowing wellhead pressures and choke sizes are summarized in the table below:
M-17 represents a significant step out and possible reserve addition for the S6 interval. The well results suggest an expansion of the pool area to the north that will need verification with additional drilling.
Mikhail Afendikov, Cub's Chief Executive Office said, "I am proud of our KUB-Gas team striking continued success despite the stressful environment in Eastern Ukraine. We continue to operate without interruption due to the exceptional leadership and dedication of our KUB-Gas employees."
The pressure recorders will be retrieved via wireline within the next day or two, and M-17 is expected to be tied into the new Makeevskoye gas facility initially as an S6 producer by mid-July. Once the security situation in Ukraine further stabilizes, the deeper S7 will be fracture stimulated, and the well dually completed as an S6/S7 producer. The workover rig is now in the process of moving to the Olgovskoye-11 to begin completion and testing operations there. O-11 was cased as a potential producer in early June with logs indicating potential gas pay in four zones.
Makeevskoye Field
The Makeevskoye Field comprises approximately 57% of total KUB-Gas production and is the most productive licence in Cub's portfolio in Ukraine. Currently gross production is 17.4 MMcf/d (5.2 MMcf/d net to Cub's WI) from 6 producing wells. In April 2013, the Company announced a new pool gas discovery on the Makeevskoye Licence in Ukraine when the M-16 well tested gas from the S6 zone, opening up the Serpukhovian formation as a potential target throughout the Makeevskoye and Olgovskoye licences. M-16 currently produces approximately 4 MMcf/d (1.2 MMcf/d net to Cub). That success was followed up by S6 and S7 discoveries in both M-17 and O-11, and the Serpukhovian is now a primary target in the balance of the 2014 drilling program and beyond.
Rusko-Komarovske Field Update
The Rusko-Komarovske-21 (RK-21) well, 100% owned by Cub, has been granted approval for full time production.