JKX.L Regulatory News (JKX)

9 Jan 2008 07:00

JKX Oil & Gas PLC09 January 2008 Cavendish Square, London W1G 0PD, England, UKTel: +44 (0)20 7323 4464 Fax: +44 (0)20 7323 5258Web site: http://www.jkx.co.uk JKX OIL & GAS plc ("JKX") ANNOUNCES UKRAINIAN DRILLING UPDATE JKX Oil & Gas plc ("JKX") announces that it has completed and tested Well I133as part of its ongoing drilling programme at Poltava, Ukraine. During testing, Well I133 flowed at an average rate of 3.7 million cubic feet ofgas and 560 barrels of condensate per day with a wellhead flowing pressure of1,360psi through a 40/64 inch choke. The well has been tied back to theCompany's production facility via a 10 km flowline. Well I133 is a deviated well drilled to a depth of 2,875m in a structure lyingbetween the Ignatovskoye and Novo-Nikolaevskoye Fields on a north-westerlyextension of the Tournasian carbonate trend found to be productive in the WellsM160 and M162 of the Molchanovskoye Field. The well penetrated three hydrocarbon-bearing formations comprising: 4m in theTournaisian sandstone; 317m in the overlying Tournaisian carbonate; and 20m ofshallower Visean sandstone. The well has been completed in the first instance inthe Tournasian sandstone only and testing of the Tournasian carbonate primaryobjective will follow once the secondary Tournasian sandstone objective has beenevaluated fully. The Skytop N-75 rig has now moved to the southwest of the Ignatovskoye Field todrill Well I134. JKX Oil & Gas plc is an exploration and production company listed on the LondonStock Exchange. The Company has licence interests in Ukraine, Russia, Georgia,Bulgaria, Turkey, Hungary, 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