JKX.L Regulatory News (JKX)

8 May 2006 12:25

JKX Oil & Gas PLC08 May 2006 JKX OIL & GAS plc ("JKX") ANNOUNCES UKRAINIAN DRILLING UPDATE 1 JKX Oil & Gas plc ("JKX") announces that it has completed and tested Well M154as part of its ongoing drilling programme at Poltava, Ukraine. The well has beentied back to the Company's production facility via a new 6 km flowline. During testing, Well M154 flowed at a stabilised rate of 920 barrels of oil perday and 1 million cubic feet of gas through a 33/64 inch choke, with a wellheadflowing pressure of 770 psi. Well M154 is a horizontal development well locatedon the southern flank of northern part of the Molchanovskoye Field and is thefourth horizontal producer drilled in northern part of Molchanovskoye. Well M154penetrated at total of 300m of gas and oil bearing Tournasian sands and isproducing from a 150m horizontal section in the oil leg. The Skytop Brewster rig has now returned to Well R101 in the northern part ofthe Rudenkovskoye Field where it is re-entering the well which was suspendedearlier this year. Operations will include the installation of a high strengthcasing string, completion of the well and, in the first instance, testing of thelower 120m section of a total of more than 200m of gas bearingTournasian.sandstones. The well is planned to be perforated usingtubing-conveyed guns in order to maximise productivity. 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