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Cub Energy Inc. announces results of NY-3 well and recompletion of O-9 well in Eastern Ukraine

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Oilfield Technology,

Cub Energy Inc., a Ukraine-focused upstream oil and gas company, announces that KUB-Gas LLC, Cub’s 35%-owned subsidiary which owns and operates the eastern Ukraine licenses, announces results of two recent operations.

O-9 Well in the Olgovskoye License

Kub-Gas recently recompleted the Olgovskoye-9 (O-9) well to a “behind pipe pay” zone designated as the Bashkirian-3 (B3). During a standard multi-rate test, the zone was tested up to 2.5 million ft3/d and was put into production at a stable rate of 1.9 million ft3/d since June. There are ten other wells with “behind pipe pays” that are attractive recompletion opportunities in the Olgovskoye License. As the currently producing intervals deplete, the production team can recomplete these additional zones in the existing wells. Opportunities such as these generate above average returns for shareholders, particularly given the current gas price is over US$7 per thousand ft3 in Ukraine.

NY-3 Well

The North Yatskivska #3 (NY-3) well on the West Olgovskoye (WO) licence was drilled to a total depth of 2300 m and evaluated several prospective horizons. Test results indicated the well encountered non-commercial gas shows. The well was drilled based on 2D seismic and the Company believes the commencement of a 3D seismic program later this year should improve the probability of success of future exploration wells.

Mikhail Afendikov, Chairman and CEO of Cub said: “The results of the O-9 recompletion exceeded our expectations. We were able to increase the total field production by 14% from a single recompletion that cost only a fraction of the cost of drilling a new well. This result coupled with the attractive gas prices in Ukraine will shift our focus to recompletions that may quickly convert low rate wells producing nearly depleted zones to potentially high rate wells producing from zones with virgin pressure.

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