21st Oct 2014 07:59
LONDON (Alliance News) - JKX Oil and Gas PLC Tuesday said tests on its E-303 well on the Elizavetovskoye field in Ukraine have indicated the presence of an oil pay.
The tests have indicated a gross pay of 167 metres spread over eight reservoirs, and the reservoirs show similar properties that have been found in the adjacent Machevska field, one of the largest in Ukraine, which has a history of significant and sustained production, it said in a statement.
The pay is the thickness of rock that can deliver hydrocarbons to the well bore.
"Bringing the deep sandstone reservoirs of the Elizavetovskoye field on-stream is technically challenging and will require extended completion and testing. We are optimistic that the sandstone reservoirs will produce at commercial rates in line with the nearby wells. We will provide further updates as the work progresses," said Chief Executive Paul Davies.
JKX Oil shares were up 0.7% to 37.00 pence Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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