19 Jul 2019 07:00
LEI: 213800AS2I1XUAGQ6F27
19 July 2019
JKX Oil & Gas plc
("JKX", the "Company" or the "Group")
IG142 test results
IG142, a new well drilled in the Ignativske field, in Ukraine, was tested at a rate of 709 bpd of oil and condensate and 152 Mcmd of gas (1,606 boepd) with a wellhead pressure of 2,300 psi on a restricted choke. This result has significantly exceeded expectations with only 3m perforated. Testing is ongoing to determine the optimum choke setting to maximise the oil cut. A significant gas column remains unperforated (about 30m net hydrocarbon thickness) which will remain unperforated for the time being, pending evaluation of the oil leg, to maximise recovery of the oil.
This is the fourth successful new well or sidetrack drilled by JKX's Ukrainian subsidiary, Poltava Petroleum Company, since the creation of the five year field development plan. IG142 is producing from the same reservoir and located in a fault block to the south of IG103 sidetrack.
Mcmd - Thousand cubic metres per day
bpd - Barrel per day
boepd - Barrel of oil equivalent per day
psi - Pounds per square inch
This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation.
ENDS
JKX Oil & Gas plc +44 (0) 20 7323 4464
Ben Fraser, CFO
EM Communications +44 (0) 20 7002 7860
Stuart Leasor, Jeroen van de Crommenacker