JKX Oil & Gas Completes Well M151

JKX Oil & Gas has completed and tested Well M151 as part of its ongoing drilling program at Poltava, Ukraine. The well has been tied back to the Company's production facilities.

During testing, Well M151 flowed at a stabilised rate of 3,000 barrels of oil per day and 2 million cubic feet of gas through a 40/64' choke, with a wellhead flowing pressure of 1,300 psi. Well M151 penetrated a total of 360m of gas and oil bearing Tournasian sands and is producing from a 220m horizontal section in the oil leg. Well M151 is a horizontal development well located in the northern part of the Molchanovskoye Field and is yielding similar levels of production to the successful Well M152 which was brought on-stream in July this year.

The Skytop Brewster rig has now moved to the northern part of the Rudenkovskoye Field where it is planned to drill Well R101 to a vertical depth of 4,700m and again target the Tournasian sands. Well R101 is the first new well to be drilled by the Company in the Rudenkovskoye Field, and will complement information being gathered in the southern part of the field from the ongoing extended testing on Well R12. Well R12 was drilled by the Ukrainian state in the 1970s, and re-entered and side-tracked by JKX in April this year.