LONDON (Alliance News) -JKX Oil & Gas PLC said Thursday it will drill a second sidetrack on well No 5 in Russia due to operational risks involved in fishing in the first sidetrack well.
In an oil well, "fishing" services are used to retrieve junk objects, such as broken down-hole tools, drill pipes, drill bit, or an object that fell down into the well from the surface.
The company said of the 972 meters of fish that was in the well 969 meters was successfully recovered to surface or milled, leaving 3 meter remaining in the sidetrack.
"Having assessed the operational risks we have decided to suspend fishing and will drill a second sidetrack instead. The rig operator has not been charging us since the beginning of March and will not do so until the second sidetrack is drilled," the oil exploration company said.
Drilling of the second sidetrack is expected to be completed in the first week of June.
Shares in JKX Oil were down 2.9% at 54.40 pence each on Thursday afternoon.