Cub Energy Inc. announced the Rusko-Komarovske-22 (RK-22) development well, on the Rusko-Komarovske (RK) licence, in western Ukraine has tested gas at a maximum rate flow rate of 2.5 mil ion cubic feet per day ("MMcf/d"). Cub is the owner and operator of the RK-22 well and has a 100% working interest in the RK licence. The RK-22 well is approximately 640 metres northwest of the company's RK-2 legacy well and encountered gas in the Lukovskaya (L) sands and Dorobratovskaya sands. The L sands were perforated over four intervals between 650 metres and 749 metres then subsequently flow tested through various choke sizes. The well achieved a maximum stabilised natural gas flow rate of 2.5 MMcf/d through a 10-millimetre choke with a well head tubing pressure of 814 pound-force per square inch (psi) and a well head casing pressure of 867 psi.

The company expects to have the RK-22 on production before year-end 2013 and anticipates a production exit rate between 1,900 and 2,100 barrels of oil equivalent per day (boe/d), which is in line with management's previous forecast.

Additionally, with the completion of its facilities upgrade on its Eastern Ukraine assets, Cub expects to tie in an additional 275 to 350 boe/d within first quarter of 2014, which is currently behind pipe due to current capacity constraints. The company has begun preparations to spud its second well on the RK licence in the first quarter of 2014 and will continue with further development of the RK licence in 2014.