Cub Energy M-17 Well Tests 6.6 MMcf/d from the S6 Zone
11 Junio 2014 - 7:00AM
Marketwired
Cub Energy M-17 Well Tests 6.6 MMcf/d from the S6 Zone
HOUSTON, TEXAS--(Marketwired - Jun 11, 2014) - Cub Energy Inc.
("Cub" or the "Company") (TSX-VENTURE:KUB) announces production
testing has been completed on the S6 sandstone in the
Makeevskoye-17 ("M-17") well, and the maximum flow rate achieved
was 6.6 million cubic feet per day ("MMcf/d") through an 8 mm choke
at a flowing wellhead pressure of 2,970 psi. The well has been shut
in for a pressure build up, after which the recorders will be
retrieved and the well will be tied in for production.
The M-17 well is operated by KUB-Gas LLC, a partially-owned
subsidiary in which Cub has a 30% effective ownership interest.
As previously disclosed (press release of March 19, 2014), logs
indicated 9 metres of net pay in the S6 sandstone. The S6 was
flowed at five different choke sizes and rates for periods of
between 2 and 3 hours each. The final rate for each period along
with the flowing wellhead pressures and choke sizes are summarized
in the table below:
Summary
Test Results for S6 Sandstone in M-17 |
|
Choke Size |
Final Flow Rate |
Final FWHP |
(mm) |
(MMcf/d) |
(psi) |
4 |
1.8 |
3,128 |
5 |
2.8 |
3,146 |
6 |
3.9 |
3,122 |
7 |
5.2 |
3,055 |
8 |
6.6 |
2,970 |
M-17 represents a significant step out and possible reserve
addition for the S6 interval. The well results suggest an expansion
of the pool area to the north that will need verification with
additional drilling.
Mikhail Afendikov, Cub's Chief Executive Office said, "I am
proud of our KUB-Gas team striking continued success despite the
stressful environment in Eastern Ukraine. We continue to operate
without interruption due to the exceptional leadership and
dedication of our KUB-Gas employees."
The pressure recorders will be retrieved via wireline within the
next day or two, and M-17 is expected to be tied into the new
Makeevskoye gas facility initially as an S6 producer by mid-July.
Once the security situation in Ukraine further stabilizes, the
deeper S7 will be fracture stimulated, and the well dually
completed as an S6/S7 producer. The workover rig is now in the
process of moving to the Olgovskoye-11 ("O-11") to begin completion
and testing operations there. O-11 was cased as a potential
producer in early June with logs indicating potential gas pay in
four zones.
Makeevskoye Field
The Makeevskoye Field comprises approximately 57% of total
KUB-Gas production and is the most productive licence in Cub's
portfolio in Ukraine. Currently gross production is 17.4 MMcf/d
(5.2 MMcf/d net to Cub's WI) from 6 producing wells. In April 2013,
the Company announced a new pool gas discovery on the Makeevskoye
Licence in Ukraine when the M-16 well tested gas from the S6 zone,
opening up the Serpukhovian formation as a potential target
throughout the Makeevskoye and Olgovskoye licences. M-16 currently
produces approximately 4 MMcf/d (1.2 MMcf/d net to Cub). That
success was followed up by S6 and S7 discoveries in both M-17 and
O-11, and the Serpukhovian is now a primary target in the balance
of the 2014 drilling program and beyond.
Rusko-Komarovske Field Update
The Rusko-Komarovske-21 ("RK-21") well, 100% owned by Cub, has
been granted approval for full time production.
Cautionary Statement
Test results are not necessarily indicative of long-term
performance or of ultimate recovery. The test data contained herein
is considered preliminary until full pressure transient analysis is
complete.
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.
Mikhail AfendikovChairman and Chief Executive Officer(713)
677-0439mikhail.afendikov@cubenergyinc.comPatrick McGrathChief
Financial Officer(713) 577-1948patrick.mcgrath@cubenergyinc.com
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