JKX Ties Back Poltava Well in Ukraine

JKX Oil & Gas plc has completed and tested Well M160 as part of its ongoing drilling program at Poltava, Ukraine. The well confirms a northerly extension to the Molchanovskoye Field.

During testing, Well M160 flowed at an average rate of 7.4 million cubic feet of gas and 495 barrels of condensate per day with a wellhead flowing pressure of 1,530 psi through a 40 /64 inch choke. It has been tied back to the Company's production facility via a 6 km flowline.

Well M160 is a vertical well completed in the Tournasian Carbonate and was drilled following the success of Wells M155, M156 and M157 which were completed in the Tournasian Carbonate reservoir of the Molchanovskoye Field in 2006. Well M160 is located in a separate fault block immediately to the north of the Molchanovskoye Field; the area was unsuccessfully tested by Ukrainian state organizations in the 1980s. The Tournasian Carbonates extend from the northerly flank of the Molchanovskoye Field up to the Ignatovskoye Field. The extent of their productivity over this large area will now be appraised by the Company and potentially could have a positive impact on the Company's reserves.

The first follow up Well M161 will be spudded to the north of Well M160 by the Kremco rig next week. The Kremco rig has just completed drilling Well M158 as a Tournasian Sands producer in the northern part of Molchanovskoye Field. Testing of Well M158 will be delayed approximately four weeks until new flowlines which are currently under construction are completed.

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.