JKX.L Regulatory News (JKX)

27 Jun 2007 14:16

JKX Oil & Gas PLC27 June 2007 JKX Oil & Gas PLC 6 Cavendish Square, London W1G 0PD, England, UK Tel: +44 (0)20 7323 4464 Fax: +44 (0)20 7323 5258 Web site: http://www.jkx.co.uk FOR IMMEDIATE RELEASE 27 JUNE 2007 JKX OIL & GAS plc ("JKX") ANNOUNCES UKRAINIAN DRILLING UPDATE JKX Oil & Gas plc ("JKX") announces that it has completed and tested Well I127as part of its ongoing drilling programme at Poltava, Ukraine. The well iscurrently tied back to the Company's production facility via an existingflowline. During the test period, Well I127 flowed at a rate of 3.4 million cubic feet ofgas, 26 barrels of condensate and 100 barrels of drilling fluid per day with awellhead flowing pressure of 370 psi through 72/64 inch choke. A reduction indrilling fluid recovery is anticipated over the ongoing testing period. Well I127 is a deviated development well located in the eastern part of theIgnatovskoye field. The well was drilled following the success of Wells I125 andI126 in 2006 and targeted a further extension of the Visean carbonate reservoirin the Ignatovskoye Field. The Skytop rig has now been moved to the northeast of the Ignatovskoye Field andis currently drilling Well I128 which is scheduled for completion in mid-July. 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:Anthony Cardew / Sofia Rehman Cardew Group 020 7930 0777 This information is provided by RNS The company news service from the London Stock Exchange