It is reported that the Kulczyk Oil Ventures Inc the Canadian onshore explorer for oil and natural gas in Ukraine has launched the drilling of M-19 well at the Makiivka gas deposit in Donetsk region.

The designed depth of the well is 1,200 meters. It is expected that three independent accumulations of natural gas are to be found while drilling the well.

According to Millennium capital analyst “We consider the news as positive for the company, as it is the first company’s works in Ukraine after the acquisition of a 70% stake in KUB-Haz, one of the largest private natural gas producers in Ukraine on June 11th 2010.”

(Sourced from http://www.mcapital.com.ua)