JKX.L Regulatory News (JKX)

15 May 2007 07:01

JKX Oil & Gas PLC15 May 2007 FOR IMMEDIATE RELEASE 15 May 2007 JKX OIL & GAS plc ("JKX") ANNOUNCES UKRAINIAN DRILLING UPDATE JKX Oil & Gas plc ("JKX") announces that it has completed and tested Well M160as part of its ongoing drilling programme at Poltava, Ukraine. The well confirmsa northerly extension to the Molchanovskoye Field. During testing, Well M160 flowed at an average rate of 7.4 million cubic feet ofgas and 495 barrels of condensate per day with a wellhead flowing pressure of1,530 psi through a 40 /64 inch choke. It has been tied back to the Company'sproduction facility via a 6 km flowline. Well M160 is a vertical well completed in the Tournasian Carbonate and wasdrilled following the success of Wells M155, M156 and M157 which were completedin the Tournasian Carbonate reservoir of the Molchanovskoye Field in 2006. WellM160 is located in a separate fault block immediately to the north of theMolchanovskoye Field; the area was unsuccessfully tested by Ukrainian stateorganisations in the 1980's. The Tournasian Carbonates extend from the northerlyflank of the Molchanovskoye Field up to the Ignatovskoye Field. The extent oftheir productivity over this large area will now be appraised by the Company andpotentially could have a positive impact on the Company's reserves. The first follow up Well M161 will be spudded to the north of Well M160 by theKremco rig next week. The Kremco rig has just completed drilling Well M158 as aTournasian Sands producer in the northern part of Molchanovskoye Field. Testingof Well M158 will be delayed approximately four weeks until new flowlines whichare currently under construction are completed. 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 / Anthony Cardew Cardew Group 020 7930 0777 This information is provided by RNS The company news service from the London Stock Exchange