The Makeevskoye-21 (M-21) well in Ukraine has started commercial production at an initial rate of 1.7 MMcf/d, Kulczyk Oil Ventures Inc. reported.

The well is operated by KUB-Gas, a partially-owned subsidiary in which KOV has a 70% effective ownership interest.

The M-21 well was drilled to a total depth of 2,210 m (6,955 ft) in 1Q 2012 and cased to total depth pending completion of the well for commercial gas production.

On June 19, the company disclosed the R8 target zone had been tested at a rate of 3 MMcf/d. The well was drilled to further develop the Makeevskoye R8 pool which was originally discovered by the Makeevskoye-19 well drilled in the second half of 2010. The M-21 well is the second well producing from the R8 pool. The M-19 well, located 1 km (0.6 mile) to the east of the M-21 location, commenced production from the R8 zone in July 2011 at an initial rate in excess of 5.5 MMcf/d.