10 Apr 2014 07:00
JKX OIL & GAS plc ("JKX")
Successful Development Well in the Novo-Nikolaevskoye Field, Ukraine
JKX Oil & Gas plc ("JKX") is pleased to announce the completion of its development well NN-80 in the Novo-Nikolaevskoye field, Ukraine. Following clean-up, well NN-80 produced at a stabilised rate of 4.98 MMcfd and 51 bpd condensate through a 1-inch choke with a flowing wellhead pressure of 587 psi during the multi-choke test sequence. The well has now been placed on production.
Well NN-80 was drilled to a measured depth of 1,794 metres (1,715.8m TVD) and targeted at the primary upper V15 Visean sandstone reservoir. During drilling, encouraging shows were also encountered in the lower V15 sandstone which warranted deepening the well by some 50 metres to allow completion and testing of the lower reservoir at a later stage.
Well NN-80 was drilled on a seismic amplitude anomaly identified following re-processing and interpretation of the latest 3-D seismic data over the Poltava licences. The N-75 Skytop rig has now left the Novo-Nikolaevskoye field to drill appraisal well IG-141 on the northern flank of the adjacent Ignatovskoye field.
JKX Chief Executive, Dr Paul Davies, commented:
"We continue to identify additional development drilling locations in our mature fields in Ukraine and it is most encouraging to obtain results, as in NN-80, where well performance meets or even exceeds our expectations. Our subsurface teams in Poltava and London continue to maximise the value of the seismic and well data gathered on our multiple licences in the area. The success of well NN-80 underpins the prospectivity of similar features identified in the adjacent Zaplavskoye exploration licence."
JKX Oil & Gas plc is an exploration and production company listed on the London Stock Exchange. The Company has licence interests in Ukraine, Russia, Hungary and Slovakia.
ENDS
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