- Cub Energy Inc. (TSXV:KUB) has announced that it will abandon the Makeevskoye-30 (M-30) gas well in Eastern Ukraine
- Cub Energy owns a 35 per cent interest in the well
- The company drilled 1,985 metres but results showed no commercial gas deposits
- Cub Energy is now reviewing options for its next operation
- Cub Energy Inc. (KUB) is down 37.5 per cent, with shares trading for C$0.025 and a market cap of $7.86 million
Cub Energy Inc (TSXV:KUB) has announced that it will abandon the Makeevskoye-30 (M-30) gas well in Eastern Ukraine.
The M-30 well is owned and operated by KUB-Gas LLC, of which 35 per cent is owned by Cub Energy.
It was only January 28 when the company said that it had commenced spudding of the well.
At the time, Cub Energy’s Chairman and CEO, Mikhail Afendikov was confident about the prospect.
“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 recompilations on the M and O fields at KUB-Gas,” he said.
However, after only one month, operations at the well have taken a disappointing turn.
The company reported total drilling of 1,985 metres with logging performed on several horizons, but results showed no commercial gas deposits.
Cub Energy has subsequently made the decision to abandon the well and is reviewing its options for future operations.
However, no future plans have yet been announced.
Cub Energy Inc. (KUB) is down 37.5 per cent, with shares trading for C$0.025 at 10:45am EST.