Cub Energy unit begins drilling M-30 well

2020-01-28 07:48 MT - News Release

Mr. Mikhail Afendikov reports

CUB ENERGY INC. ANNOUNCES SPUDDING OF THE M-30 WELL IN EASTERN UKRAINE

Cub Energy Inc.'s 35-per-cent-owned KUB-Gas LLC 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 financed through existing Kub-Gas cash flow.

Mikhail Afendikov, chairman and chief executive officer 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."

About Cub Energy Inc.

Cub Energy is an upstream oil and gas company, with a proven 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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