JKX.L Regulatory News (JKX)

13 Dec 2007 11:16

JKX Oil & Gas PLC13 December 2007 6 Cavendish Square, London W1G 0PD, England, UKTel: +44 (0)20 7323 4464 Fax: +44 (0)20 7323 5258Web site: http://www.jkx.co.uk FOR IMMEDIATE RELEASE 13 DECEMBER 2007 JKX OIL & GAS plc ("JKX") ANNOUNCES UKRAINIAN DRILLING UPDATE JKX Oil & Gas plc ("JKX") announces that it has completed and tested Well M205as part of its ongoing drilling programme at Poltava, Ukraine. The well has beentied back to the Company's central production facility via a 6 km flowline. During testing, Well M205 flowed at an average rate of 5.1 million cubic feet ofgas and 2,700 barrels of condensate per day with a wellhead flowing pressure of1,270 psi through a 64/64 inch choke. Well M205 is a deviated well drilled to a depth of 2,610m in the main area ofthe Molchanovskoye Field. The well was drilled to appraise the Devoniansandstone and overlying Tournasian carbonate to the south east of the successfulWell M202 which was brought on-stream in 2003. Well M205 penetrated threehydrocarbon-bearing formations comprising: 15m in the Devonian sandstone; 105min the overlying Tournasian carbonate; and 22m of shallower Visean sandstone,confirming that this potentially productive formation is also present in theMolchanovskoye Field. The well has been completed in the first instance in theDevonian sandstone only. The Kremco rig moved to the northern area of the Molchanovskoye Field anddrilled the development Well M159, which has been completed in the TournaisianCarbonate. The well is currently being tied back to the central productionfacility, prior to testing. JKX Oil & Gas plc is an exploration and production company listed on the LondonStock Exchange. The Company has license interests in Ukraine, Russia, Georgia,Bulgaria, Turkey, Italy and the United States. ENDS For further information please contact: Sofia Rehman Cardew Group 020 7930 0777 This information is provided by RNS The company news service from the London Stock Exchange