Serinus spuds Ukraine exploration probe

Business as usual: Tim Elliott says Serinus is drilling ahead despite Ukraine crisis

Canada’s Serinus Energy has begun drilling a fresh exploration probe at its North Makeevksoye field in Ukraine.

The Calgary-headquartered, Toronto-listed outfit said that North Makeevskoye-4 a combination structural/stratigraphic play targeting Moscovian aged channel sands that third party estimates suggested could be home to a billion cubic feet in prospective resources.

Chief executive Tim Elliott said that "despite the political violence in parts of eastern Ukraine, the spud of NM-4 is yet another indication that KUB-Gas continues to produce, operate, and receive payment for its natural gas with no substantial interruption”.

NM4, which is being drilled about three kilometres west of last year’s NM3 well that tested small amounts of oil, is expected to take around 41 days to reach a total depth of around 2000 metres.

North Makeevksoye is one of five licences near the city of Lugansk in eastern Ukraine in which the explorer holds a 70% stake in local operator KUB Gas, with Houston’s Cub Energy holding the other 30%.

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