JKX Restarts Ukrainian Development Program

JKX Oil & Gas, through its subsidiary Poltava Petroleum, has recommenced it Ukrainian development program. Daily production is up more than 50 percent from last year's average of 5,163 boepd to approximately 8,000 boepd. To date, the program at Poltava has comprised the drilling of two new wells, two sidetracks, re-completion of a further well and the installation of a dew point control system. Most significantly, the first well on the company's second Ukrainian license, Molchanovskoye, has been drilled to a depth of 2,620m and is currently being completed for production testing. In line with expectations, the well has penetrated 40m of Tournasian carbonate and 81m of Tournasian sandstone. Gas shows were encountered throughout the reservoir and well logs indicate that both reservoirs are gas bearing.