TIDMJKX
RNS Number : 2677A
JKX Oil & Gas PLC
06 October 2009
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JKX OIL & GAS plc ("JKX")
ANNOUNCES
FIRST WELL TEST RESULTS IN KOSHEKHABLSKOYE FIELD, RUSSIA
JKX Oil & Gas plc ("JKX") is pleased to announce the results of its first well
test in the Koshekhablskoye field, located in the Republic of Adygea, Russia.
Well 27 flowed at a stabilised rate of 13.1 MMcfd of gas and an estimated 12 bpd
of condensate through a 36/64" choke with a flowing wellhead pressure of 1,741
psi. This flow rate significantly exceeds the rates anticipated at the time of
acquisition of the Koshekhablskoye field in 2007 which averaged 6 MMcfd. The
re-evaluation of the project schedule and economics announced in the Company's
Half-Year Report is well advanced and this well test result will have a positive
impact on this review.
Well 27 is the first of 10 wells scheduled to be worked over in the Oxfordian
limestone reservoir. The workover included replacement of all tubing with
corrosion resistant steel and new wellhead and downhole equipment. The well was
recompleted open hole in an interval between 5,096m and 5,198m and stimulated
with acid using a coil tubing unit prior to testing. The well was worked over
and recompleted using the Kremco-900 rig. The rig has now returned to the
ongoing Well 20 workover operation, and testing of this second recompleted well
is expected later in the fourth quarter.
The Koshekhablskoye field redevelopment includes well workovers, design and
installation of a new gas processing facility, replacement of the entire
existing infrastructure, and laying of new flowlines.
JKX Chief Executive, Dr Paul Davies, commented: "This is an extremely
encouraging result for JKX, as the flow rate from this first well significantly
exceeds our expectations. First gas is anticipated from this project in the
fourth quarter of 2010, and I look forward to providing further updates in due
course."
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,
Bulgaria, Slovakia and Georgia.
ENDS
For further information please contact:
+---------------------------------+-------------------+--------------------+
| Catherine Maitland / Matthew | Cardew Group | 020 7930 0777 |
| Law | | |
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This information is provided by RNS
The company news service from the London Stock Exchange
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