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Cub's Ukrainian Well Test Yields Potential Play Discovery
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Cub Energy Inc. has reported that an open-hole test of the North Makeevskoye-3 (NM-3) exploration well recovered oil and gas from Visean-aged rock formations underlying the North Makeevskoye Exploration Licence, which lies along the south-eastern Dnieper-Donetsk Basin.
The NM-3 well is operated by KUB-Gas LLC, a partially-owned subsidiary in which Cub has a 30% effective ownership interest.
Mikhail Afendikov, Chief Executive Officer commented: "The positive oil test in NM-3 is a first for us in Ukraine and is of particular importance as it is was recovered from a reservoir that Cub has not produced from previously. A positive result from this deeper, Visean reservoir has the potential to develop into a new play and increase the resource potential of Cub's eastern-Ukrainian assets."
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