Drilling Report

2 Jan 2007 07:01

JKX Oil & Gas PLC02 January 2007 JKX OIL & GAS plc ("JKX") ANNOUNCES UKRAINIAN DRILLING UPDATE JKX Oil & Gas plc ("JKX") announces that it has completed and tested Well M157as part of its ongoing drilling programme at Poltava, Ukraine. During testing, Well M157 flowed at a stabilised rate of 7.3 million cubic feetof gas and 620 barrels of condensate per day with a wellhead flowing pressure of2,300 psi through a 27/64 inch choke. The well has been tied back to theCompany's production facility via an 8 km flowline. Well M157 is a vertical well located in the northern area of MolchanovskoyeField and targeted the T2 carbonate reservoir which overlies the main oilbearing Devonian reservoir. The well was completed in 140 m of Tournasiancarbonate as an open hole producer, and acidised using coil tubing prior totesting. The N75 rig has now spudded Well R102 in the southern part of RudenkovskoyeField. 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. This information is provided by RNS The company news service from the London Stock Exchange