KIEV, Aug. 17 - Kulczyk Oil Ventures Limited (KOVL, Cyprus), controlled by Polish businessman Jan Kulczyk, has started drilling its first well in Ukraine, according to a statement by the company made on a stock exchange.

The well is being drilled at the Makiyivka gas field, developed by KUB-Gas LLC (Luhansk). Kulczyk Oil acquired a 70% stake in the field in June 2010.

The planned depth of the M-19 well is 2,100 meters. While drilling, three separate gas layers will be assessed, two of which are independent from the Makiyivka deposit and stretch out 1.2 kilometers to the northeast of the field.