JKX Oil & Gas adds new well in Ukraine

14th Oct 2013 12:01

A Ukrainian appraisal well has flowed at encouraging rates of gas and oil condensate, explorer and producer JKX Oil & Gas has revealed. The Z-05 well, at Poltava in eastern Ukraine, has begun to flow to the company's production facility after appraisal tests showed it flowed at a stabilised rate of 4.6m cubic feet per day and 328 barrels of condensate per day.JKX's Chief Executive Paul Davies said: "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."A third well will be drilled in the area, which JKX recently acquired as an extension to its Zaplavskoye exploration licence.The company said logging and production data from Z-05 and its predecessor, together with a 3D seismic survey earlier this year, would be used to determine the location for a third new well.Well Z-05 was initially drilled to a total depth of 2,960 metres, but as Visean reservoirs were found to be poorly developed at the primary target close to the stratigraphic pinchout, it was side-tracked to the secondary target approximately 190 metres to the north where the Visean V25 and V26 sandstone reservoirs were found to be gas bearing. Shares in JKX were up 0.4% to 72p at 12:05 on Monday. OH