JKX.L Regulatory News (JKX)

8 May 2006 12:26

JKX Oil & Gas PLC08 May 2006 JKX OIL & GAS plc ("JKX") ANNOUNCES UKRAINIAN DRILLING UPDATE 2 JKX Oil & Gas plc ("JKX") announces that it has completed and tested Well I124as part of its ongoing drilling programme at Poltava, Ukraine. The well has beentied back to the Company's production facility via a new 3 km flowline. During testing, Well I124 flowed at a stabilised rate of 1,530 barrels of oilper day and 0.75 million cubic feet of gas through a 30/64 inch choke, with awellhead flowing pressure of 1,075 psi. Well I124 is a vertical development welllocated on the southern flank of the Ignatovskoye Field. It tested a reefalfeature in the Visean Carbonate, some distance from the main carbonate build-upwhich forms the primary gas reservoir in the field. The well is producing fromsecondary porosity zones within the 100m of Visean Carbonate penetrated. The Kremco 900 rig has now moved to Well I101. Well I101 was drilled by JKX in1995 and found a small isolated oil accumulation; this well was never placed onproduction because of problems with the completion. It is now planned tosidetrack the well to provide a new completion in the oil bearing Tournasiansandstone. 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