JKX.L Regulatory News (JKX)

13 Sep 2007 11:59

JKX Oil & Gas PLC13 September 2007 FOR IMMEDIATE RLEASE 13 SEPTEMBER 2007 JKX OIL & GAS plc ("JKX") ANNOUNCES UKRAINIAN APPRAISAL UPDATE JKX Oil & Gas plc ("JKX") announces an update to its ongoing appraisal programmeat Poltava, Ukraine which is evaluating the Tournasian carbonate and sandstonehorizons which extend from the Molchanovskoye Field into the Ignatovskoyelicence area. Well I130 was drilled on the north easterly flank of the extension of theMolchanovskoye Field as a vertical appraisal well within the Ignatovskoyelicence area. It encountered a 350m section of gas and water bearing Tournaisiancarbonates of low porosity before reaching its total depth of 2,812 metres inwater bearing Tournaisian sandstones. The well has been suspended pendingstimulation or sidetracking following the results of several parallel andrelated activities, namely: a scheduled acid stimulation of the adjacent WellM161, the completion of core and fracture studies of the two 30m cores taken inJuly of this year from the neighbouring Well M162, and the results of Well I131which is scheduled to be spudded at the end of this week, again targeting thecarbonate reservoir further to the north west of the Molchanovskoye Field. The Kremco 900 rig has now been moved to the central area of the MolchanovskoyeField, and will spud Well M205 in early October, following a scheduled period ofroutine maintenance. Meanwhile, the Skytop N75 rig has completed drilling Well I129, a Tournasiansandstone appraisal well in the Ignatovskoye Field; the well is currently beingtied back to the production facilities prior to testing. The Skytop rig willcomplete its scheduled maintenance programme at the end of this week prior tospudding Well I131. JKX Oil & Gas plc is an exploration and production company listed on the LondonStock Exchange. The Company has license interests in Ukraine, Georgia, 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