Cub Energy Inc. RK-22 Well in Ukraine Tests 2.5 MMcf/d
20 Diciembre 2013 - 6:46AM
Marketwired
Cub Energy Inc. RK-22 Well in Ukraine Tests 2.5 MMcf/d
HOUSTON, TEXAS--(Marketwired - Dec 20, 2013) - Cub Energy Inc.
("Cub", or the "Company") (TSX-VENTURE:KUB) announces the
Rusko-Komarovske-22 ("RK-22") development well, on the
Rusko-Komarovske ("RK") licence, in western Ukraine has tested gas
at a maximum rate flow rate of 2.5 million cubic feet per day
("MMcf/d"). Cub is the owner and operator of the RK-22 well and has
a 100% working interest in the RK licence.
RK-22 Well
The RK-22 well location was identified by 3-D seismic acquired
by Cub in early 2013 and is the first well drilled by Cub on the RK
licence. The RK-22 well is approximately 640 metres northwest of
the Company's RK-2 legacy well and encountered gas in the
Lukovskaya ("L") sands and Dorobratovskaya sands. The L sands were
perforated over four intervals between 650 metres and 749 metres
then subsequently flow tested through various choke sizes.
Mikhail Afendikov, Chief Executive Officer of Cub Energy,
commented, "We are excited about the expected increase in
reserves created by success on this 100-percent working interest
well and our entire 2013-drilling program. We now look to continue
increasing shareholder value in 2014 and will continue to work at
further increasing our reserves and production profile from our
assets in the black-sea region."
The well achieved a maximum stabilised natural gas flow rate of
2.5 MMcf/d through a 10-millimetre choke with a well head tubing
pressure of 814 pound-force per square inch ("psi") and a well head
casing pressure of 867 psi.
The Company expects to have the RK-22 on production before
year-end 2013 and anticipates a production exit rate between 1,900
and 2,100 barrels of oil equivalent per day ("boe/d"), which is in
line with management's previous forecast.
Additionally, with the completion of its facilities upgrade on
its Eastern Ukraine assets, Cub expects to tie in an additional 275
to 350 boe/d within Q1 2014, which is currently behind pipe due to
current capacity constraints. The Company has begun preparations to
spud its second well on the RK licence in the first quarter of 2014
and will continue with further development of the RK licence in
2014.
Ukraine-Russia Gas Pricing Agreement
Cub is aware of the reported agreement on gas prices between
Ukraine and Russia and is following developments closely. However,
the details of the agreement and how they may affect industrial
natural gas prices have not been released.
To date the Company's realised natural gas sales price and
netbacks have been unaffected. A further statement and update will
be issued as soon as the Company has the factual details of the
agreement.
About Cub Energy Inc.
Cub Energy is an upstream oil and gas company, with a proven
track record of exploration and production cost efficiency in the
Black Sea region. 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.
For further information please contact us or visit our website
www.cubenergyinc.com.
Oil and Gas Equivalents
A barrel of oil equivalent ("boe") or units of natural gas
equivalents ("Mcfe") is calculated using the conversion factor of 6
Mcf (thousand cubic feet) of natural gas being equivalent to one
barrel of oil. A boe conversion ratio of 6 Mcf: 1 bbl (barrel) or
an Mcfe conversion of 1bbl: 6 Mcf is, based on an energy
equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead and
is not based on either energy content or current prices. While the
boe ratio is useful for comparative measures, it does not
accurately reflect individual product values and might be
misleading, particularly if used in isolation. As well, given that
the value ratio, based on the current price of crude oil to natural
gas, is significantly different from the 6:1 energy equivalency
ratio, using a 6:1 conversion ratio may be misleading as an
indication of value.
Reader Advisory
Except for statements of historical fact, this news release
contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Cub believes that the expectations reflected
in the forward-looking information are reasonable; however there
can be no assurance those expectations will prove to be correct. We
cannot guarantee future results, performance or achievements.
Consequently, there is no representation that the actual results
achieved will be the same, in whole or in part, as those set out in
the forward-looking information.
Forward-looking information is based on the opinions and
estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
information. Some of the risks and other factors that could cause
the results to differ materially from those expressed in the
forward-looking information include, but are not limited to:
general economic conditions in the Ukraine, Turkey and globally;
industry conditions, including fluctuations in the prices of
natural gas; governmental regulation of the natural gas industry,
including environmental regulation; unanticipated operating events
or performance which can reduce production or cause production to
be shut in or delayed; failure to obtain industry partner and other
third party consents and approvals, if and when required;
competition for and/or inability to retain drilling rigs and other
services; the availability of capital on acceptable terms; the need
to obtain required approvals from regulatory authorities; stock
market volatility; volatility in market prices for natural gas;
liabilities inherent in natural gas operations; competition for,
among other things, capital, acquisitions of reserves, undeveloped
lands, skilled personnel and supplies; incorrect assessments of the
value of acquisitions; geological, technical, drilling, processing
and transportation problems; changes in tax laws and incentive
programs relating to the natural gas industry; failure to realize
the anticipated benefits of acquisitions and dispositions; and the
other factors. Readers are cautioned that this list of risk factors
should not be construed as exhaustive.
This cautionary statement expressly qualifies the
forward-looking information contained in this news release. We
undertake no duty to update any of the forward-looking information
to conform such information to actual results or to changes in our
expectations except as otherwise required by applicable securities
legislation. Readers are cautioned not to place undue reliance on
forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cub Energy Inc.Mikhail AfendikovChairman and Chief Executive
Officer(713) 677-0439mikhail.afendikov@cubenergyinc.comCub Energy
Inc.Lionel C. McBeeDirector of Investor Relations(713)
577-1955lionel.mcbee@cubenergyinc.comwww.cubenergyinc.com
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