2 Sep 2010 07:00
JKX Oil & Gas plc
Exploration update
Bulgaria
JKX is pleased to announce that the first of two wells testing amplitude supported gas prospects onshore Bulgaria spud today. The Staro Oryahovo South R-1 well will be drilled to a TD of 1,800m to test a submarine fan target of Eocene age in the Kamchia Basin, south west of Varna, Bulgaria. The well will test a resource estimated at 20 to 30 Bcf. Drilling is planned to complete by the end of September at which time the rig will move to the Shkorpilovtci South West R2 location, 5km to the south. The well will test a turbidite channel complex, also of Eocene age, and has a planned TD of 800m. Expected resources in the greater channel complex are also estimated at 20 to 30 Bcf.
JKX Bulgaria Ltd (40%) operates the Golitza B1 licence with co-venturers Balkan Explorers (Bulgaria) Ltd (30%) and Sorgenia E& (30%)P Bulgaria EOOD.
Hungary
Hernad
The Tiszavasvari-6 well reached a TD of 2,893m in late July and electric logs indicate the presence of up to 50m of pay within a gross Lower Pannonian interval of 300m. The well has a liner run to TD and testing operations are now planned to start by mid September. This relatively low net/gross interval may require fracture stimulation.
JKX Hungary Ltd holds 50% of the Hernád licence through a JV company, HHE North, which is operated by Hungarian Horizon Energy (50%).
Gorbehaza
JKX confirms that it has recently agreed to acquire from Ascent Resources plc and DualEx Nyriseg Inc their respective minority shareholdings in HN Ventures Inc, a company which indirectly owns the Gorbehaza field, part of the Nyriseg block. The transaction has not yet completed.
For further information please contact:
| Catherine Maitland/ Alexandra Stoneham: | Cardew Group |
020 7930 0777
|