JKX.L Regulatory News (JKX)

31 Aug 2007 07:01

JKX Oil & Gas PLC31 August 2007 FOR IMMEDIATE RELEASE 31 AUGUST 2007 JKX OIL & GAS plc ("JKX") ANNOUNCES UKRAINIAN DRILLING UPDATE JKX Oil & Gas plc ("JKX") announces that it has completed and tested Well M162as part of its ongoing drilling programme at Poltava, Ukraine. The well wasdrilled as an appraisal to the northerly extension of the Molchanovskoye Fieldidentified in Well M160. During testing, Well M162 flowed at an average rate of 3.9 million cubic feet ofgas and 120 barrels of condensate per day with a wellhead flowing pressure of840 psi through a 45 /64 inch choke. It has been tied back to the Company'sproduction facility via a new 6 km flowline. Well M162 is a deviated well completed in the Tournasian Carbonate and drilledas a step-out to the southeast of the successful Well M160 which was completedin May 2007. The wells are located in a separate fault block immediately to thenorth of the Molchanovskoye Field. The Tournasian Carbonates extend from thenortherly flank of the Molchanovskoye Field up to the Ignatovskoye Field. Theextent of their productivity over this large area is being appraised by theCompany. The first follow up Well M161, drilled to the northwest of Well M160, isawaiting additional acidisation and the Kremco rig is now drilling a furtherappraisal Well I130 to evaluate the potential for an extension northwards intothe Ignatovskoye licence area. JKX Oil & Gas plc is an exploration and production company listed on the LondonStock Exchange. The Company has license interests in Ukraine, Georgia, Russia,Italy, Bulgaria, Turkey and the United States. ENDS For further information please contact: Sofia Rehman / Anthony Cardew Cardew Group 020 7930 0777 This information is provided by RNS The company news service from the London Stock Exchange