An open-hole test of the North Makeevskoye-3 (NM-3) exploration well recovered oil and gas from Visean-aged rock formations underlying the North Makeevskoye exploration license in Ukraine, Serinus Energy said in a news release.

The NM-3 well, the third well drilled on the North Makeevskoye exploration license, is located 3 km (2 miles) southeast of the North Makeevskoye-1 well. It is a deviated well which reached a total depth (TD) of 2,426 m (7,959 ft) after penetrating the metamorphic basement, the release said. The well took 54 days to reach total depth after spudding on May 30, 2013.

Petrophysical analysis of the logs identified a 30-m (98-ft) thick Visean aged sandstone as being potentially oil saturated. An open-hole drillstem test was conducted over the interval 2,344 m (7,690 ft) to 2,426 m (7,959 ft) measured depth, according to the release. The test recovered 0.5 cu m of 37° API oil and minor amounts of produced gas were flared. Fluid samples have been collected for laboratory analysis. The well has been cased to TD to allow for further testing.

The company said it believes the well may be capable of producing at commercial rates after stimulation. Further analysis of the full diameter core recovered over the zone of interest, petrophysical analysis, and fluid analysis will be required to fully assess the prospectivity of this formation, according to the release.

A positive oil test is a first for the company in Ukraine and is of particular importance as it is the first indication that the Visean formations are hydrocarbon bearing within the company's licenses, the release said. Positive results from this deeper Visean reservoir have the potential to develop into a new play.

The NM-3 well is operated by KUB-Gas LLC, a majority-owned subsidiary in which the company has a 70% effective ownership interest, the release said.