JKX Spuds Golitza 1 in Bulgaria

JKX Oil & Gas plc has spudded Well Golitza1 in its B Golitza exploration permit, onshore Bulgaria.

Well Golitza1 will target a large tilted fault block with potential reservoirs in Jurassic sands, Triassic limestones and Triassic sands at depths of up to 4,900m. The structure was confirmed by the 2D seismic acquired by the Company in late 2005, which used sophisticated processing to image the true structure beneath the thrust.

The well is designed to be near vertical, and scheduled to reach the 4,900m target depth within 120 days. It will be drilled using a 2,000 HP rig, which has been mobilized from Romania.

The B Golitza permit sits on the southern edge of the Moesian Platform where the Miocene age Balkan Thrust Front strikes east-west across Bulgaria. A number of wells have been drilled in the area but none penetrated the target formations in a comparable structural setting.

JKX has a 50% interest in the B Golitza exploration permit through its wholly owned subsidiary JKX Bulgaria Ltd, which is the designated operator. The remaining 50% is held by Balkan Explorers Bulgaria Limited, a wholly owned subsidiary of Aurelian Oil & Gas PLC.

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