JKX.L Regulatory News (JKX)

4 Jul 2005 10:03

JKX Oil & Gas PLC04 July 2005 4 July 2005 JKX OIL & GAS PLC ANNOUNCES UKRAINIAN DRILLING UPDATE JKX Oil & Gas plc ("JKX") announces that it has completed and tested Well M152as part of its ongoing drilling programme at Poltava, Ukraine. The well has beentied back to the Company's production facilities via an existing 6 km flowline. During testing, Well M152 flowed at a stabilised rate of 2,950 barrels of oilper day and 2.4 million cubic feet of gas through a 40/64" choke, with awellhead flowing pressure of 1,550 psi. Well M152 is a horizontal developmentwell located in the northern part of the Molchanovskoye Field and was drilledfollowing the success of M150, which was completed in August 2004. Well M152penetrated a total of 351m of gas and oil bearing Tournasian sands and isproducing from a 200m horizontal section in the oil leg. The Skytop Brewster rig has now spudded Well M151, which is being drilled froman adjacent surface location, and is expected to encounter a very similarreservoir interval. The testing of Well N70 in the Novo-Nikolaevskoye Field is nearly complete. Todate, three separate intervals have been tested with only one interval producinghydrocarbons albeit at a sub-commercial rate; there remains one thin interval tobe tested in August. N70 was drilled in a crestal location in the field, up dipof Well N9 which continues to produce approximately 500 bopd and 1MMscf. Studiesto better define the distribution of hydrocarbons in the structure are underway.No reserves are yet attributed to the Novo-Nikolaevskoye Field. In the Rudenkovskoye Field, the extended testing programme on Well R12 isongoing, and site preparation work has commenced for Well R101, the first newwell in the field. 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: Anthony Cardew / Sofia Rehman Cardew Group 020 7930 0777 This information is provided by RNS The company news service from the London Stock Exchange