9th Oct 2007 14:30
JKX Oil & Gas PLC09 October 2007 6 Cavendish Square, London W1G 0PD, England, UK Tel: +44 (0)20 7323 4464 Fax: +44 (0)20 7323 5258 Web site: http://www.jkx.co.uk JKX OIL & GAS plc ("JKX") ANNOUNCES RESULTS OF THE GOLITZA -1 EXPLORATION WELL, ONSHORE BULGARIA The Golitza -1 exploration well is being plugged and abandoned as a dry hole ata total depth of 4,522m in the Lower Triassic. All three objective horizons in the Jurassic and Triassic were evaluated atclose to their prognosed true vertical depths, but logs indicated that none arehydrocarbon bearing. The measured final depth was shallower than planned due toa combination of lower than anticipated hole angle and the absence of shows inthe deepest reservoir sequence which obviated the need for further drilling. The well results support the structural model and confirm the geologicalsequence beneath the Miocene age Balkan Thrust Front. However, the absence ofhydrocarbons in the structure suggests that its relationship with the regionalsource rock maturity and migration model requires further study. Evaluation of the Golitza licences continues and additional seismic acquisitionis planned for 2008. Exploration will now be focussed on the gas bearingstructures in the coastal Tertiary Basin and the definition of prospects northwest of the Golitza -1 well location. JKX has a 50% interest in the B and B1 Golitza exploration licences through itswholly owned subsidiary JKX Bulgaria Ltd, which is the designated operator. Theremaining 50% is held by Balkan Explorers Bulgaria Limited, a wholly ownedsubsidiary of Aurelian Oil & Gas PLC. JKX Oil & Gas plc is an exploration and production company listed on the LondonStock Exchange. The Company has licence interests in Ukraine, Georgia, Italy,Bulgaria, Turkey and the United States. ENDS For further information please contact: Anthony Cardew / Sofia Rehman / Emma ConsettCardew Group - 020 7930 0777 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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