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RNS today - Very Good initial test flow rates for the new well IG142. Using the test figures for the 3M perforated so far for comparing with JKX's most recent Ukrainian production figures.
q2 2019 Average JKX's Ukrainian oil and condensate production.
999 boepd
+ new well IG142
709 boepd
=1,708 boepd (70 % increase)
---
q2 2019 Average JKX's Ukrainian gas production.
742 Mcmd
+ new well IG142 (3M perforated)
152 Mcmd
=894 Mcmd (20 % increase)
---
q2 2019 Average JKX's Ukrainian Total production.
5,364 boepd
+ new well IG142
2,315 boepd
=7,679 boepd (43 % increase)
------------------
If the additional 30M section of well was to be perforated in the future, and produced only dry gas at a similar rate to the current 3M section, then the figures would be replaced with.
q2 2019 Average JKX's Ukrainian oil and condensate production.
999 boepd
+ new well IG142 (assume 30m section is dry gas only)
709 boepd
=1,708 boepd (70 % increase)
---
q2 2019 Average JKX's Ukrainian gas production.
742 Mcmd
+ new well IG142 (33M perforated)
1,672 Mcmd
=2,414 Mcmd (225 % increase)
---
q2 2019 Average JKX's Ukrainian Total production.
5,364 boepd
+ new well IG142 (33M perforated)
18,375 boepd
= 23,739 boepd (342 % increase)
---
The actual stabilised production figures will of course be different.
The rig will soon relocate to the West Mashivska field to drill a new well WM4.
19 July 2019
JKX Oil & Gas plc
("JKX", the "Company" or the "Group")
IG142 test results
IG142, a new well drilled in the Ignativske field, in Ukraine, was tested at a rate of 709 bpd of oil and condensate and 152 Mcmd of gas (1,606 boepd) with a wellhead pressure of 2,300 psi on a restricted choke. This result has significantly exceeded expectations with only 3m perforated. Testing is ongoing to determine the optimum choke setting to maximise the oil cut. A significant gas column remains unperforated (about 30m net hydrocarbon thickness) which will remain unperforated for the time being, pending evaluation of the oil leg, to maximise recovery of the oil.
This is the fourth successful new well or sidetrack drilled by JKX's Ukrainian subsidiary, Poltava Petroleum Company, since the creation of the five year field development plan. IG142 is producing from the same reservoir and located in a fault block to the south of IG103 sidetrack.