3 Jun 2021 09:37
3rd June 2021
JKX Oil & Gas plc
("JKX", the "Company" or the "Group")
IG149 test results
IG149, a new well drilled in the Ignativske field in Ukraine, started production on the 21st May from the Devonian and reached a maximum oil rate of 1,280 bpd with 19 Mcmd of gas (1,391 boepd) on a 30/64th" choke. The well has averaged 777 bpd of oil and 80 Mcmd of gas (1,248 boepd) with a wellhead pressure of 1,139 psi over the first ten days of testing. IG149 was then shut-in for a 36hr pressure build-up which has confirmed insignificant depletion following ten days of production. The well has now been returned to production with a rate of 890 bpd of oil and 77 Mcmd of gas (1,340 boepd) and a wellhead pressure of 1,186 psi on a 30/64th" choke. Further testing will be carried out to determine the optimum choke setting to maximise oil recovery.
This result significantly exceeds expectations with only 3m perforated. Logging results from the Devonian indicate a total of 29.6m of net hydrocarbon thickness. At present only 3m of the oil rim has been perforated with a total of 23m of net hydrocarbon thickness remaining unperforated in the gas cap. This will remain unperforated at present to maximise oil recovery.
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
Dmytro Pidubbnyy, CFO
EM Communications +44 (0) 20 7002 7858
Jeroen van de Crommenacker