21st Oct 2013 09:51
LONDON (Alliance News) - JKX Oil & Gas PLC Monday said it is reaching the end of its flowback period following a 10 stage hydraulic fracturing at its R-103 well in Ukraine.
The exploration and production company with operations in Eastern Europe and Russia said the gas rate at the site is settling at 3 million cubic feet per day with 25 barrels per day of condensate.
Flowback is the process in which fracture fluid which has been injected into an oil or gas well to help hydraulic fracturing is recovered to the surface to begin capturing clean hydrocarbons.
JKX said its rate of frac fluid recovery has fallen to 7 cubic metres per day and the total frac fluid recovered is now 1,900 cubic metres, or roughly 35% of the total volume injected during the fracking process.
The company also said it has brought new equipment to the site, including a production logging tool in order to assess how the relative production from the different fracking intervals found at the site during the tests.
JKX shares were down 5.1% to 69.27 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor
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