Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

More From The Market Herald
Green Shift Commodities - CEO, Trumbull Fisher.

" Green Shift (TSXV:GCOM) to acquire district-scale lithium property in Argentina

Green Shift (GCOM) will acquire a large lithium land package in Argentina.
Solomon Minerals Corp. - President & CEO, Tim Froude.

" Sokoman (TSXV:SIC) and Benton (TSXV:BEX) confirm cesium discovery

Sokoman Minerals (SIC) and Benton Resources (BEX) confirmed a significant high-grade cesium discovery at the Hydra Zone on the Golden Hope Project.

" Equity Metals (TSXV:EQTY) more than doubles resource estimate

Equity Metals Corporation (EQTY) has provided an updated report on the newly increased independent mineral resource estimate for the Silver Queen Project in
The Market Herald Video

" Stakeholder Gold (TSXV:SRC) shares carbon emissions for Q3,2022

Stakeholder Gold Corporation (SRC) shared Q3 results and announced emissions produced across the company’s operations in Q3 of 2022.