KUB-Gas entered a contract with Burova Kompaniya Ukrburservice LLC, Kulczyk Oil Ventures Inc. reported. Under the arrangement, Ukrburservice will provide a rig to drill the Makeevskoye-16 well.

The rig is a 2,000-horsepower National Oilwell Varco drilling rig manufactured in Canada in 2010. It has a lifting capacity of 450 metric tons and a depth rating of 7,000 m. The projected depth of the M-16 well is 3,850 m.

The deep test well will evaluate stacked potential reservoir targets in Moscovian, Bashkirian and Serpukhovian aged rocks. Rig moving operations will commence immediately.

The M-16 well is expected to spud in mid-August 2012 and drilling time is estimated at 60 days.