JKX Oil & Gas Suspends Well I130 on the Molchanovskoye Field

JKX Oil & Gas announces an update to its ongoing appraisal program at Poltava, Ukraine which is evaluating the Tournasian carbonate and sandstone horizons which extend from the Molchanovskoye Field into the Ignatovskoye license area.

Well I130 was drilled on the northeasterly flank of the extension of the Molchanovskoye Field as a vertical appraisal well within the Ignatovskoye license area. It encountered a 350m section of gas and water bearing Tournaisian carbonates of low porosity before reaching its total depth of 2,812 meters in water bearing Tournaisian sandstones. The well has been suspended pending stimulation or sidetracking following the results of several parallel and related activities, namely: a scheduled acid stimulation of the adjacent Well M161, the completion of core and fracture studies of the two 30m cores taken in July of this year from the neighboring Well M162, and the results of Well I131 which is scheduled to be spudded at the end of this week, again targeting the carbonate reservoir further to the north west of the Molchanovskoye Field.

The Kremco 900 rig has now been moved to the central area of the Molchanovskoye Field, and will spud Well M205 in early October, following a scheduled period of routine maintenance.

Meanwhile, the Skytop N75 rig has completed drilling Well I129, a Tournasian sandstone appraisal well in the Ignatovskoye Field; the well is currently being tied back to the production facilities prior to testing. The Skytop rig will complete its scheduled maintenance program at the end of this week prior to spudding Well I131.

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.