JKX Oil & Gas Gets Okay for Pipeline Tie-In

JKX Oil & Gas has received formal approval to tie-in its production facilities at Poltava, Ukraine to the Soyuz main gas trunkline. It is estimated that construction/tie-in of the pipeline spur and procurement and installation of the required metering package will be completed in the first half of 2007 at a cost of $5 million.

The Company is currently restricted in delivery of gas to market from its Poltava field facilities to approximately 36 million cubic feet of gas per day. It has been seeking over the last two years to secure additional gas export capacity from its licenses and has engineered alternative field export routes including tying-in to the 56-inch diameter Soyuz pipeline.

The Soyuz pipeline is one of the main gas trunkline systems delivering gas from Russia to Western Europe. The line traverses the Company's licenses approximately 2.5 km from its field facilities. Tie-in to this major trunkline will effectively remove any ceiling on gas delivery from the Company's Poltava licenses.

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