Kulczyk Oil Ventures Inc. discovers gas in Donbas

“The Makeevskoye-16 (“M-16”) exploration well has tested gas from the S5 zone at more than 4.3 million cubic feet per day (“MMcf/d”). It is anticipated that the well will be tied into a nearby flow line which will take the gas to the Makeevskoye facility. First production is expected late in the second quarter of 2013,” Kulczyk Oil Ventures Inc. said.

It is also noted that M-16 is the deepest well drilled by the company in Ukraine and this is the first time the Company has tested gas at commercial rates from a reservoir of Serpukhovian age, opening up new opportunities for future growth.

The M-16 well, located 6.7 kilometres to the northwest of the Makeevskoye-21 gas discovery drilled in the first quarter of 2012, commenced drilling in early August and reached its TD in late November 2012 before being cased in early December.

The M-16 well is operated by KUB-Gas LLC (“KUB-Gas”), a partially-owned subsidiary in which KOV has a 70% effective ownership interest and is the deepest well drilled to date by KUB-Gas.

Jan Kulczyk is Poland's richest man, whose assets in 2012, according to Wprost, reached PLN 9.7 billion (USD 3 billion). He owns Kulczyk Holding.