JKX.L Regulatory News (JKX)

9 Nov 2006 07:00

JKX Oil & Gas PLC09 November 2006 FOR IMMEDIATE RELEASE JKX OIL & GAS PLC ("JKX") ANNOUNCES UKRAINIAN DRILLING UPDATE JKX Oil & Gas plc ("JKX") announces that it has completed and tested Well M156as part of its ongoing drilling programme at Poltava, Ukraine. During testing, Well M156 flowed at a rate of 1,500 barrels of oil andcondensate and 17 million cubic feet of gas per day through an 18/64 inch choke,with a wellhead flowing pressure of 1,920 psi. The well has been tied back tothe Company's production facility via an 8 km flowline. Well M156 is a vertical well located in the northern area of the MolchanovskoyeField. Although the primary target was the oil bearing Tournasian T2 sandstonereservoir, the well also encountered productive T2 carbonates and is completedin both reservoirs. Test data indicates that most of the production is comingfrom secondary porosity in the T2 carbonates. The N75 rig has now moved to the next target in the northern area of theMolchanovskoye Field and has spudded Well M157 which will target the T2carbonate reservoir at a structurally higher location than Well M156. Well M157is expected to encounter a similar reservoir to that being produced successfullyby Well M155, which was brought on stream in August of this year. 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