14th Oct 2013 08:37
LONDON (Alliance News) - JKX Oil & Gas PLC Monday said the Z-05 well in the Zaplavskoye exploration licence at Poltava, Ukraine, is now flowing to the production facility, following a successful test.
The oil and gas development and production company, mainly operating in Eastern Europe, said the Z-05 well follows the successful exploration well Z-04, which was drilled in 2012, and the 3D seismic survey earlier this year over this recently acquired extension to the Zaplavskoye exploration licence.
JKX also said logging and production data from both wells would be used to make a decision on where to select a new location for a third new well in the Zaplavskoye licence.
"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," Paul Davies, Chief Executive, said in a statement.
JKX shares were Monday quoted at 72.50 pence, up 0.25 pence, or 0.4%.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
JKX.L