JKX Expects First Georgia Black Sea Well to be Drilled in 05

JKX Oil & Gas says that Anadarko Petroleum (operator) is evaluating proposals from potential farm-in partners for the drilling phase of the exploration program for the 8,900 sq km area of the Georgia Black Sea. It is anticipated that a 3-D seismic program will be shot over one of the identified prospects this year, and the company is optimistic that the first well on the block will be spudded during 2005.

In other exploration news in Georgia, JKX has concluded that further efforts to find a farm-in partner to participate in additional exploration of its onshore Georgia Kartli license were unlikely to be successful in the near term, and therefore have informed the Georgian authorities of the company's intention to relinquish the license. JKX held a 100% interest in the Kartli license.