The cultural heritage was opened by O.S. Morozov in the 1990s. There is a belief in historiography that this settlement can be connected with Vetkhorіzdvy (old Christmas) (Krasnoostrovsky) St.George Cathedral, which according to Filaret Gumilevskii originates from the 14th century.
It is situated 0.5 km from the North-West suburbs of Nizhyn, not far from the by-road Pryluky-Chernihiv, in the central part of the tract of Vetkhe. The settlement occupies a protruding of the left bank of the river Oster, 200х300 square meters. The settlement was discovered and explored by O.S. Morozov in 1993 – 1994 [Morozov, 2007, pp. 9-10].
During the excavation in 2014 the chronology of the cultural heritage was rectified (Fig. 28). It is possible to define 2 horizons that correspond to two periods of cultural heritage. The first horizon includes the material of the Post-Mongolian era. They are mostly fragments of ovenware, remarkable for its specific massivity of nimbuses and date back to the 2nd half of the 13th-15th century.
The second horizon quite accurately dates back to the period of finding of an unbroken pot that belongs to the Middle Dnieper Culture and of the fragment of flint knife (the 2nd half of the 3rd millenium B.C.).