JKX.L Regulatory News (JKX)

13 Sep 2005 07:00

JKX Oil & Gas PLC13 September 2005 FOR IMMEDIATE RELEASE 13 SEPTEMBER 2005 JKX OIL & GAS plc ANNOUNCES UKRAINIAN DRILLING UPDATE JKX Oil & Gas plc ("JKX") announces that it has completed and tested Well M151as part of its ongoing drilling programme at Poltava, Ukraine. The well has beentied back to the Company's production facilities. During testing, Well M151 flowed at a stabilised rate of 3,000 barrels of oilper day and 2 million cubic feet of gas through a 40/64" choke, with a wellheadflowing pressure of 1,300 psi. Well M151 penetrated a total of 360m of gas andoil bearing Tournasian sands and is producing from a 220m horizontal section inthe oil leg. Well M151 is a horizontal development well located in the northernpart of the Molchanovskoye Field and is yielding similar levels of production tothe successful Well M152 which was brought on-stream in July this year. The Skytop Brewster rig has now moved to the northern part of the RudenkovskoyeField where it is planned to drill Well R101 to a vertical depth of 4,700m andagain target the Tournasian sands. Well R101 is the first new well to be drilledby the Company in the Rudenkovskoye Field, and will complement information beinggathered in the southern part of the field from the ongoing extended testing onWell R12. Well R12 was drilled by the Ukrainian state in the 1970s, andre-entered and side-tracked by JKX in April this year. 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 Cardew Group 020 7930 0777 This information is provided by RNS The company news service from the London Stock Exchange