JKX Oil and Gas' results from Ukrainian well exceed expectations
JKX Oil and Gas reported that testing at IG142, a new well drilled in the Ignativske field in Ukraine, significantly exceeded expectations on Friday.
The well tested at a rate of 709 barrels per day (bpd) of oil and condensate, and 152 million cubic metres per day (Mcmd) of gas, or 1,606 barrels of oil equivalent (boe), a wellhead pressure of 2,300 psi on a restricted choke, with testing ongoing to determine the optimum choke setting to maximise the oil cut.
The London-listed company added that significant gas column of roughly 30m net hydrocarbon thickness remains unperforated and will remain so for the time being, pending evaluation of the oil leg, in order to maximise oil recovery.
IG142 is the fourth successful new well or sidetrack drilled by JKX's Ukrainian subsidiary, Poltava Petroleum Company, since the creation of a five year field development plan..
JKX Oil and Gas' shares were up 5.01% at 38.75p at 1221 BST.