JKX Oil & Gas Completes Well M155 in Poltava Drilling Program

JKX Oil & Gas

JKX Oil & Gas has completed and tested Well M155 as part of its ongoing drilling program at Poltava, Ukraine.

During testing, Well M155 flowed at a stabilized rate of 1.7 million cubic feet of gas and 100 barrels of condensate per day through a 68/64 inch choke, with a wellhead flowing pressure of 330 psi. The well has been tied back to the Company's production facility via a new 6 km flowline.

Well M155 is located in the northern area of the Molchanovskoye Field and was targeted to drain a thin oil column in the Devonian sandstone reservoir at the margin of the field. The pilot hole found the Devonian sandstone to lie below the oil/water contact and consequently the well was completed as a deviated well in a 100 m section of the overlying Tournasian carbonate.

The N75 rig has now spudded Well M153, which will be a horizontal development well in the northern area of the Molchanovskoye Field. Well M153 will enhance recovery from the Devonian reservoir in the area around the existing vertical Well M28. Well M28 will be re-completed to produce from the overlying Tournasian sandstone later in the year.