JKX Oil & Gas Completes Testing at Well I101

JKX Oil & Gas has completed and tested Well I101 as part of its ongoing drilling program at Poltava, Ukraine. The well has been tied back to the Company's production facility via an existing 6 km flowline.

During testing, Well I101 flowed at a stabilized rate of 375 barrels of oil per day and 3.7 million cubic feet of gas through a 20/64 inch choke, with a wellhead flowing pressure of 2,130 psi.

Well I101 was the first onshore well drilled by JKX in Ukraine in 1995. It penetrated a small oil accumulation in the Tournasian sands about 5 km from the main Ignatovskoye field. The well was never placed on production due to problems with the completion, The Kremco 900 rig re-entered the well in late April this year and sidetracked it to a slightly up-dip location. The well penetrated approximately 15m of oil bearing sandstones. Drilling was halted above the oil/water contact to minimize water production.

The Kremco 900 rig has now moved to the Zaplavskoye license where it is drilling an exploration well.