(Alliance News) - JKX Oil and Gas PLC announced on Tuesday that the company's fifth well in a southern Russia field produced 171,000 cubic metres of natural gas and 5 barrels per day of condensate, the equivalent of 1,022 barrels per day of oil.
The hydrocarbon explorers said production from the well in the Koshekhablskoye field has been steadily increasing since work carried out late last month. It said the contract rig that did the workover on well 5 now has been moved to well 18, the second of three wells planned for workovers on the field.
In May, JKX saw a mass exodus of directors following a tumultuous annual general meeting at which shareholders voted against the reappointment of Chair Hans Jochum Horn and Senior Non-Executive Director Adrian Coates. JKX has since appointed consultants to help search for new non-executive directors but has not yet named a new chair.
Shares in the company were up 2.8% at 40.60 pence each in London on Tuesday morning.