Cub Energy Inc. is beginning spudding of the M-30 well in Eastern Ukraine
Cub Energy Inc. ("Cub" or the "Company") (TSX-V: KUB), a Ukraine-focused upstream oil and gas company, announces that KUB-Gas LLC ("Kub-Gas"), Cub's 35%-owned subsidiary which owns and operates the eastern Ukraine licences, has commenced drilling of the Makeevskoye-30 ("M-30") well. The M-30 well is planned to a total depth of 1,985 metres to evaluate several prospective horizons. The M-30 well is funded through existing Kub-Gas cashflow.
Mikhail Afendikov, Chairman and CEO of Cub said: "We are pleased to announce the spudding of the M-30 well in eastern Ukraine. The M-30 well will be the first well drilled on the producing M field in over three years after recent successful recompletions on the M and O fields at Kub-Gas."
Cub Energy Inc. (TSX-V: KUB) is an upstream oil and gas company, with a proven track record of exploration and production cost efficiency in Ukraine. 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.
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