JKX Ties Back Ukraine Well

JKX Oil & Gas has completed and tested Well I127 as part of its ongoing drilling program at Poltava, Ukraine. The well is currently tied back to the Company's production facility via an existing flow line.

During the test period, Well I127 flowed at a rate of 3.4 million cubic feet of gas, 26 barrels of condensate and 100 barrels of drilling fluid per day with a wellhead flowing pressure of 370 psi through 72/64 inch choke. A reduction in drilling fluid recovery is anticipated over the ongoing testing period.

Well I127 is a deviated development well located in the eastern part of the Ignatovskoye field. The well was drilled following the success of Wells I125 and I126 in 2006 and targeted a further extension of the Visean carbonate reservoir in the Ignatovskoye Field.

The Skytop rig has now been moved to the northeast of the Ignatovskoye Field and is currently drilling Well I128, which is scheduled for completion in mid-July.