JKX Increases Reserve Estimates in Ukraine

JKX Oil & Gas reports that its proved plus probable (P+P) reserves have increased by 7 million barrels of oil equivalent (boe), following the completion of an independent review of its Ignatovskoye and Molchanovskoye producing fields in Ukraine. This revision lifts total booked reserves in Ukraine by 14 percent to 56.3million boe at the effective revision date of 1st July 2003.

The review performed by Production Geoscience Ltd (PGL) of Aberdeen incorporated the data gathered during the 2002 and 2003 drilling programs and added 2.4 million barrels of oil and condensate and 27 billion cubic feet of gas (Bcf) to the booked reserves. As of July 1, 2003, total booked reserves are 10.3 million barrels of oil and condensate and 276 Bcf of gas.