Kulczyk Oil Ventures (KOV), the oil and gas firm owned by Polish billionaire businessman Jan Kulczyk, has completed successful testing of the M-20 borehole located at the Maskeyevskoye concession in Ukraine. As a result, a daily volume reaching 150,000 cubic meters of natural gas was obtained from the borehole which was completed in August and reaches a depth of 2,000 meters.

The M-20 is the third hole on the KOV concession, after the M-19 and M-21, which have also both achieved good results during testing, the company said in a press release. The objective of the most recent tests was further exploration and exploitation of the promising R8 zone, discovered in the implementation of the first well in the Makeevskoye field, which began production in July 2011.

In August, KOV reported average gas production of 650,000 cubic meters per day.

Poland A.M.