JKX Boosts Production amid Progress with Field Developments

Eastern Europe-focused JKX Oil & Gas reported Friday that it boosted its total production for the third quarter of 2013 to 11,943 barrels of oil equivalent per day from 7,740 boepd in 3Q 2012. The 3Q 2013 figure was also a 7.6-percent improvement on JKX’s total production for the previous quarter.

Progress highlighted by the company included the successful completion of its 10-stage multi-frac at the Rudenkovskoye field in Ukraine, where the well is still cleaning up.

Well-05 at the Koshekhablskoye field in Russia has been worked over and side-tracked. The well is cleaning up and will be acidized in due course, JKX added.

JKX also noted that plant modifications to increase the Koshekhablskoye plant’s capacity to 60 million cubic feet of gas per day are planned for the first half of next year.

Meanwhile, construction of the processing plant for the Elizavetovskoye field development in Ukraine is on schedule and development drilling has begun. First gas is scheduled by the end of the year.

JKX Chief Executive Dr Paul Davies commented in a company statement:

"We have made good progress on all our Ukrainian and Russian projects since mid-year. The successful multi-frac in the Rudenkovskoye field has demonstrated the potential of the technique for developing this tight reservoir.

"Our focus is now on ensuring that the next fracced well in the programme will yield increased plateau production at a lower capital cost. Russian production remains at or above nominal plant capacity and completion of… well-05 provides the additional production capability to fill the increased plant capacity by mid-2014."