20th Jan 2014 09:41
LONDON (Alliance News) - JKX Oil & Gas PLC Monday announced the start-up of its stand-alone Elizavetovskoye field development after completing the first development well, called E-301.
The eastern Europe-focused oil and gas exploration and development company said the well is now flowing gas to the early production facility near Poltava in Ukraine, after first gas deliveries took place on January 15.
The company said the E-301 well is now in production at a stabilised rate of 7.2 million cubic feet per gay of gas and 3 barrels per day of condensate with a flowing wellhead pressure of 685 pounds per square inch.
The well was drilled to a depth of 3,102 metres and is the first in a five-well programme at the site.
The company said the rig used to drill E-301 has now moved across to the E-302 well head location and drilling is underway.
JKX Oil & Gas shares were trading up 2.5% at 72.50 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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