JKX Achieves Successful Test of E-303 Well

Eastern Europe-focused JKX Oil & Gas reported Friday that it had achieved successful test results from the E-303 well on its Elizavetovskoye field.

JKX said that co-mingled production with the G7-12 sandstone reservoirs was 5.21 million cubic feet of gas per day and 18 barrels per day of condensate through a 48/64-inch choke with a flowing wellhead pressure of 505 pounds per square inch. This was achieved after additional perforations were made in the shallower A2 carbonate reservoir as well as acid treatment.

Well E-303 was drilled to a total depth of 4,406 meters and initially completed in the G7-12 sandstone reservoirs only. JKX said that production from the deeper reservoirs is not economic in the prevailing economic conditions in Ukraine. The company recently announced a decision to suspend its planned 2015 capital investment in the country because of restrictions on selling its gas to industrial clients as well as substantially increased rates of gas production tax.

JKX Chief Executive Dr Paul Davies commented in a company statement:

"We are pleased that we have been able to co-mingle production from the sandstone and carbonate reservoirs to create an overall cash generative well result."

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