Cub Energy O-11 Well Finds Multiple Gas Zones
03 Junio 2014 - 7:00AM
Marketwired
Cub Energy O-11 Well Finds Multiple Gas Zones
HOUSTON, TEXAS--(Marketwired - Jun 3, 2014) - Cub Energy Inc.
("Cub" or the "Company") (TSX-VENTURE:KUB) announces the
Olgovskoye-11 ("O-11") development well has been drilled to its
total depth ("TD") of 3,230 meters. Logging is now complete and has
identified net pay in four zones of Bashkirian or Serpukhovian age,
three of which have been established as productive within the
Company's Ukrainian Licences. O-11 is operated by KUB-Gas LLC
("KUB-Gas"), which has set production casing and a testing program
will begin once the workover rig currently on the Makeevskoye-17
("M-17") well finishes its operations there. The drilling rig will
now move from O-11 to the North Makeevskoye-4 location to test a
seismically-identified stratigraphic play. Drilling is expected to
commence by the end of June. KUB-Gas is a partially-owned
subsidiary in which Cub has a 30% effective ownership interest and
the remaining 70% interest is owned by Serinus Energy Inc.
O-11 Finds Multiple Stacked Gas Zones
The O-11 well was drilled as a step out location from the O-9
well with respect to the Bashkirian R30c zone, and to appraise the
gas discovery made in the S6 sandstone in O-15. It is located about
one kilometre to the south of O-15 within the same structural
closure. Drilling commenced in early April 2014 and reached TD on
May 18th. Cores were cut in both the R30c and S6.
The following table shows the results of the log analysis for
the four zones encountered:
Summary Log Results for O-11 |
Zone |
Formation |
Net Pay |
|
|
(Metres) |
R30c |
Bashkirian |
15 |
B8b |
Bashkirian |
2.5 |
S6 |
Serpukhovian |
8 |
S7 |
Serpukhovian |
5 |
The two primary targets are the R30c and S6 zones.
R-30c
Preliminary inspection of the core from the R30c indicates that
it is a fine-grained sandstone with minor shale laminations,
similar to that found in the O-15 and O-6 wells. Initially, the
R-30c zone in O-6 was not capable of commercial flow rates, but
commenced production in early 2012 at 1.5 million cubic feet per
day ("MMcf/d") after being stimulated. No gas-water contact is seen
in the R-30c in O-11, and the Company anticipates no issues in
stimulating it as well.
S6
Initial inspection of the core from the S6 sandstone indicates a
clean sand with no observed gas-water contact, similar to the S-6
in O-15, which commenced production in August 2013 at an initial
rate of 1.7 MMcf/d, and did not require stimulation.
The B8b and S7 zones are secondary targets, and logs indicate
potential pay in both formations. Testing will be required on both
zones to confirm this potential.
Olgovskoye Field
Olgovskoye is Cub's second largest producing field at 12.4
MMcf/d (3.7 MMcf/d net to Cub's 30% WI) from 10 wells. Most of the
production is from Bashkirian aged sandstones, and with the success
in the Serpukhovian in both O-15 and O-11, the Company's future
exploration and development efforts will include that deeper
section as well.
Rusko-Komarovske Field Update
The Rusko-Komarovske-21 ("RK-21") was tied in mid May 2014 and
is expected to receive approval for full time production in
June.
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 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.Patrick McGrathChief Financial Officer(713)
577-1948patrick.mcgrath@cubenergyinc.comwww.cubenergyinc.com
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