JKX Completes Well in Poltava Program

JKX Oil & Gas plc ("JKX") announces that it has completed and tested Well I125 as part of its ongoing drilling program at Poltava, Ukraine.

During testing, Well I125 flowed at a stabilized rate of 425 barrels of oil and 0.25 million cubic feet of gas through a 72/64 inch choke, with a wellhead flowing pressure of 125 psi. The well has been tied back to the Company's production facility via a 2 km flowline.

Well I125 is located on the southern flank of the Ignatovskoye field and is completed in the Visean carbonate reservoir, which is oil bearing at this location. Well I125 encountered secondary porosity zones in communication with existing Well I123 and will accelerate recovery from the oil leg.

The Kremco rig has now spudded Well I126, which will drill a reefal feature similar to the one successfully targeted by Well I124 earlier in the year.

JKX Oil & Gas plc is an exploration and production company listed on the London Stock Exchange. The Company has license interests in Ukraine, Georgia, Russia, Italy, Bulgaria, Turkey and the United States.

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