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Cub Energy announces update on drilling of wells in Western Ukraine

Cub Energy announces update on drilling of wells in Western Ukraine

Houston, October 22 – Neftegaz.RU. Cub Energy, a Ukraine-focused upstream oil and gas company, announced today the results of the drilling of the first well in the Uzhgorod drilling program.

The Uzhgorod-101 well showed that the prospective reservoir sands were water saturated with traces of natural gas that indicate there was gas migration, but no viable trapping mechanism in this particular prospect.
CNG, Cub’s 50%-owned subsidiary which owns and operates the western Ukraine Uzhgorod licence, obtained valuable subsurface geological and petrophysical data from the U-101 well that will be used to refine the seismic mapping and geo-modelling prior to drilling additional wells on the license.

This upcoming study may result in revising the drilling priorities for the identified prospect inventory. CNG has released the drilling rig while these new data are being analyzed.
The Uzhgorod licence encompasses approximately 75,000 gross acres. The licence adjoins Cub’s 100%-owned producing RK field and is near the producing Ptruksa field located on the Slovakian side of the border. The U-101 well was the first well in a planned 3-well drill program for which all costs will be borne 100% by our partner.
Cub Energy´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.