Cub Energy Inc. RK-21 Well Reaches Total Measured Depth With Multiple Potential Gas-Bearing Zones
24 Abril 2014 - 7:00AM
Marketwired
Cub Energy Inc. RK-21 Well Reaches Total Measured Depth With
Multiple Potential Gas-Bearing Zones
HOUSTON, TEXAS--(Marketwired - Apr 24, 2014) - Cub Energy Inc.
("Cub", or the "Company") (TSX-VENTURE:KUB) provides an operational
update and announces the Rusko-Komarovske-21 ("RK-21") development
well on the Rusko-Komarovske ("RK") licence in western Ukraine has
reached a total measured depth ("TMD") of 1,818 metres and has been
cased to TMD with multiple potential gas bearing zones identified.
The RK-21 well is operated by Cub's wholly-owned subsidiary, JSC
Tysagaz.
RK-21 Well
The RK-21 well spud in mid-March 2014 and is the second well for
Cub to drill on the RK licence. The well encountered multiple zones
which appear to be gas-bearing based upon drilling information and
interpretation of wireline logs. Potential gas bearing zones were
encountered in the targeted middle Miocene Dorobratovskaya and
Badenian sands, locally referred to as the D-1 through D-5 and B-1
through B-5 sands. The Company has commenced completion operations
and will subsequently begin testing selected zones.
Operations
Update
Western Ukraine
Cub will now mobilise the Esta Well Services rig to the RK-1
previously abandoned well location to begin re-entry operations,
which will attempt to complete a deeper zone in the Mesozoic sands
that previously tested gas at a depth of approximately 3,800
metres. Later this year, Cub plans to drill the RK-24 and RK-23
wells, which will target the shallower D and B series of sands on
this 100% owned asset.
Eastern Ukraine
On March 19, 2014, KUB-Gas LLC ("KUB-Gas"), a partially owned
subsidiary in which Cub has a 30% effective ownership interest
through its 30% shareholding of KUBGAS Limited, announced it had
finished drilling the M-17 well and logs indicated pay in the S5
and S6 zones, and resource potential in the R30c and S7 sections.
The well was cased, and the service rig began completion operations
on April 10, 2014. KUB-Gas is in the process of completion and
testing operations on all the prospective zones.
The O-11 well was spud on April 4, 2014 after the drilling rig
was moved from the M-17 location. The well has a planned total
depth of 3,200 metres, which targets the R30c and S6 formations.
The O-11 is a development well, located approximately one kilometre
southeast of the O-15 discovery well, which began producing from
the S6 zone in July 2013 and produced an average of 1.0 MMcf/d
during the month of March 2014. The Company expects drilling time
of the O-11 well to be 70 days from spud and that both the R30c and
S6 targets will require fracture stimulations as has been the case
with other wells completed in those formations.
Outlook
To date the political unrest in Ukraine has had no material
impact on the Company's operations. Cub continues with its planned
work program for 2014 on both its eastern and western Ukraine
assets.
In the month of April, Cub has realised a natural gas price of
approximately $9.41/Mcf using an exchange rate effective April 23,
2014 of 11.6:1 Ukraine Hryvnia per U.S. Dollar.
About Cub Energy Inc.
Cub Energy Inc. (TSX-VENTURE:KUB) 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.
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 Ukraine, the Black Sea Region 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 realise the anticipated
benefits of acquisitions and dispositions; and 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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