JKX Wraps Up Seismic Gig at Ukraine License

JKX Oil & Gas announced Friday that it has completed the acquisition of its 15-square mile (40-square kilometer) 3D seismic program on its Zaplavskoye exploration license in Ukraine. The additional data set will facilitate the identification of additional targets in the Visean sandstones which form the main reservoirs in this area of the license. The appraisal program follows the successful well Z-4 discovery which was drilled in 2012.

Data processing is being performed by Tricom Geophysical in Denver and is scheduled for completion by the second quarter of 2013 when interpretation will be undertaken. Data will be merged with the recently reprocessed main Novo-Nikolaevskoye field 3D seismic surveys where imaging resolution has been improved appreciably. This has advanced the understanding of both the Tournasian Carbonate and Devonian Sandstone reservoir development in the area where it is now believed the carbonate play extends further off-structure than previously modeled.

Results of the seismic interpretation will also be used in the development planning phase of water flood projects currently being assessed in the Molchanovskoye North and Ignatovskoye fields. These projects have the potential to improve oil recovery factors significantly in those areas. Studies are currently underway to firm up all these plays into targets for the 2013-2014 drilling program.

JKX Chief Executive Dr Paul Davies commented: "I am pleased to see that improving seismic acquisition and processing techniques allow our teams to refine their understanding of this complex area and to appraise the development potential of the large Zaplavskoye license."