(Alliance News) - Hydrocarbon explorers JKX Oil & Gas PLC said on Friday that results from its latest well drilled in the Ignativske field, Ukraine, "significantly" exceeded expectations.
The IG142 well was initially tested at a rate of 709 barrels of oil and condensate per day and 152 million cubic metres per day of gas, altogether the equivalent of 1,606 barrels of oil per day.
It was also tested with a wellhead pressure of 2,300 per square inch on a restricted choke. Only three metres of the well was perforated.
The firm said a significant gas column of about 30 metres net hydrocarbon thickness is still yet to be pierced and will remain unperforated until further evaluation of the oil leg is conducted, JKX said.
Shares in JKX rose 5% at 38.75 pence each in London on Friday afternoon.