Serinus Energy announce that the Olgovskoye-11 in Ukraine has commenced drilling
Serinus Energy Inc. (“Serinus Energy”, “SEN” or the “Company”) (TSX:SEN, WSE:SEN), an international upstream oil and gas exploration and production company, is pleased to announce that the Olgovskoye-11 (“O-11”) development well has commenced drilling. The O-11 well is operated by KUB-Gas LLC (“KUB-Gas”), a partially-owned subsidiary in which SEN has a 70% effective indirect ownership interest through its 70% shareholding of KUBGas Holdings Limited.
The O-11 well will be drilled with a planned total depth of 3,200 metres and is expected to take 70 days to drill. The main target of the O-11 well is the S6 zone in the Serpukhovian sequence, with a secondary target being the R30c in the Bashkirian. The well is located approximately 1 kilometre southeast from the O-15 well which began producing from the S6 zone in July 2013. Both zones are anticipated to require fracture stimulations as has been the case with other wells completed in those formations.
Olgovskoye comprises approximately 43% of total Ukrainian production and is Serinus’ second largest producing field in Ukraine. Current production is from 10 wells completed in 7 geological horizons, and there are additional reserves in non-producing zones which will require either dual completions or the current zone to deplete before they can be brought onstream. Most of the production comes from Bashkirian aged sandstones, but with the success in the Serpukhovian in O-15, the Company’s new exploration and development efforts have been expanded to include that deeper section as well.