JKX.L Regulatory News (JKX)

29 Jun 2006 11:30

JKX Oil & Gas PLC29 June 2006 JKX OIL & GAS plc ("JKX") ANNOUNCES UKRAINIAN DRILLING UPDATE JKX Oil & Gas plc ("JKX") announces that it has completed and tested Well I101as part of its ongoing drilling programme at Poltava, Ukraine. The well has beentied back to the Company's production facility via an existing 6 km flowline. During testing, Well I101 flowed at a stabilised rate of 375 barrels of oil perday and 3.7 million cubic feet of gas through a 20/64 inch choke, with awellhead flowing pressure of 2,130 psi. Well I101 was the first onshore well drilled by JKX in Ukraine in 1995. Itpenetrated a small oil accumulation in the Tournasian sands about 5 km from themain Ignatovskoye field. The well was never placed on production due to problemswith the completion, The Kremco 900 rig re-entered the well in late April thisyear and sidetracked it to a slightly up-dip location. The well penetratedapproximately 15m of oil bearing sandstones. Drilling was halted above the oil/water contact to minimise water production. The Kremco 900 rig has now moved to the Zaplavskoye license where it is drillingan exploration well. 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. END For further information please contact: Anthony Cardew/Sofia Rehman Cardew Group 020 7930 0777 This information is provided by RNS The company news service from the London Stock Exchange