JKX encouraged by data review and well recompletion

18th Jul 2013 12:10

Explorer and producer JKX Oil & Gas has been encouraged by results from the redrilling of a non-producing well in the NovoNikolaevskoye field in the Ukraine.The Eastern Europe-focused company, which is the subject of a shareholder tussle between its UK management and a group of three Ukrainian financiers, has successfully recompleted the NN-71 well such that is is producing stable levels of gas after recent analysis indicated the well could be redrilled.Chief Executive Paul Davies said: "The success of this recompletion indicates that the continued efforts by our subsurface teams in Poltava and London to update our data and understanding in these complex structures can yield valuable results."JKX said the results indicated the reservoir still had "good pressure support", despite the previous production from this reservoir at nearby well NN-9 which has been producing hydrocarbons for over 28 years. The company has begun carrying out static and dynamic modelling to analyse the remaining hydrocarbons in place, with early indications sufficiently encouraging to support the possible addition of a flank well.Shares in JKX Oil & Gas were up 4.4% at 53.5p at 14:30 on Thursday. OH