JKX Oil & Gas plc announces well results

JKX Oil & Gas plc has reported successful test results from well E-303 in its Elizavetovskoye field. Following additional perforations in the shallower A2 carbonate reservoir and acid treatment, co-mingled production with the G7-12 sandstone reservoirs was 5.21 MMcfd of gas and 18 bpd of condensate through a 48/64-inch choke with a flowing wellhead pressure of 505 psi.

JKX Chief Executive, Dr Paul Davies, commented: "We are pleased that we have been able to co-mingle production from the sandstone and carbonate reservoirs to create an overall cash generative well result."

Well E-303 was drilled to a total depth of 4406 m and initially completed in the G7-12 sandstone reservoirs only. Production from the deeper reservoirs, whilst steady, is not economic in the prevailing economic conditions in Ukraine. JKX has announced its decision to suspend its planned 2015 capital investment in Ukraine because of the combination of current restrictions on selling its gas to industrial clients and the substantially increased rates of gas production tax.

JKX Oil & Gas plc is an exploration and production company listed on the London Stock Exchange. The company has license interests in Ukraine, Russia, Hungary and Slovakia.

Adapted from press release by Joe Green

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