JKX Completes Poltava Well

JKX Oil & Gas has completed and tested Well M156 as part of its ongoing drilling program at Poltava, Ukraine.

During testing, Well M156 flowed at a rate of 1,500 barrels of oil and condensate and 17 million cubic feet of gas per day through an 18/64 inch choke, with a wellhead flowing pressure of 1,920 psi. The well has been tied back to the Company's production facility via an 8 km flowline.

Well M156 is a vertical well located in the northern area of the Molchanovskoye Field. Although the primary target was the oil bearing Tournasian T2 sandstone reservoir, the well also encountered productive T2 carbonates and is completed in both reservoirs. Test data indicates that most of the production is coming from secondary porosity in the T2 carbonates.

The N75 rig has now moved to the next target in the northern area of the Molchanovskoye Field and has spudded Well M157 which will target the T2 carbonate reservoir at a structurally higher location than Well M156. Well M157 is expected to encounter a similar reservoir to that being produced successfully by Well M155, which was brought on stream in August of this year.

JKX Oil & Gas plc is an exploration and production company listed on the London Stock Exchange. The Company has license interests in Ukraine, Georgia, Russia, Italy, Bulgaria, Turkey and the United States.