JKX Completes Appraisal Well in Ukraine

UK-based JKX completed and tested appraisal well Z-05 in the Zaplavskoye exploration licence at Poltava, Ukraine. According to a note released by the company on Monday, the well flowed at a stabilised rate of 4.6 MMCfd and 328 bpd of condensate with a flowing wellhead pressure of 652 psi. 

“The encouraging well result supports our continuing appraisal of this part of the Zaplavskoye licence. Furthermore, the rich gas in the area provides a higher than normal propane and butane yield which enhances the overall LPG production at our Poltava facility,” JKX’s Chief Executive Paul Davies commented. 

Appraisal well Z-05 follows the successful exploration well Z-04, which was drilled in 2012, and the 3D seismic survey earlier this year over this recently acquired extension to the Zaplavskoye exploration licence.

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

JKX’s strategy does not change despite the recent arm wrestling between the company’s management and the two major shareholders. In occasion of the release of the first half results, Davies restated the intention to focus on production growth in Ukraine and expansion in Russia.