StockMarketWire.com - JKX Oil & Gas said results from a new well drilled in the Ignativske field, in Ukraine, 'significantly exceeded expectations'.

The well was tested at a rate of 709 barrels per day (bpd) of oil and condensate and 152 Mcmd of gas (1,606 boepd) with a wellhead pressure of 2,300 psi on a restricted choke.

With only 3m perforated so far, a significant gas column remained unperforated - about 30m net hydrocarbon thickness - which would remain unperforated for the time being, pending evaluation of the oil leg, to maximise recovery of the oil, the company said.

This was the fourth successful new well or sidetrack drilled by JKX's Ukrainian subsidiary, Poltava Petroleum Company, since the creation of the five year field development plan.




At 8:41am: [LON:JKX] JKX Oil Gas PLC share price was +0.9p at 37.8p



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