Successful Recompletion of NN-71 Well in Ukraine

JKX OIL & GAS plc ("JKX")

Successful Recompletion of NN-71 Well in Ukraine

JKX Oil & Gas plc ("JKX") is pleased to announce that well NN-71 in the NovoNikolaevskoye field has been successfully recompleted to the Visean V-15 sandstone reservoir. Following a three stage test, the well is producing at a stabilised rate of 4.3 MMcfd of gas and 342 bpd of condensate through a 93/64" choke with a flowing wellhead pressure of 625 psi.

The results indicate the reservoir still has good pressure support, despite the previous production from this reservoirat nearby well NN-9 which, remarkably, has been producing hydrocarbons for over 28 years. Static and dynamic modelling is now underway to analyse the remaining hydrocarbons in place. Early indications are that these may be sufficiently encouraging to support the addition of a flank well.

Earlier this year, the re-interpretation of the recently re-processed 3D seismic and the new, overlapping West NovoNikolaevskoye 3D seismic data set revealed an amplitude anomaly coinciding with the structural closure of the V-15 NovoNikolaevskoye field. The anomaly was accessible at the NN-71 location and, as a result of this re-interpretation, the first workover operation for the recently returned TW-100 rig was to recomplete the well to the overlying V-15 reservoir and perforate a 15 metre interval.

JKX's Chief Executive, Dr Paul Davies, commented: "The success of this recompletion indicates that the continued efforts by our subsurface teams in Poltava and London to update our data and understanding in these complex structures can yield valuable results."

Well NN-71 was first drilled in 2009 as a Visean V-25 reservoir well and subsequently recompleted to the V-16 as part of the early development of the NovoNikolaevskoye production licence at Poltava, Ukraine. Both of these deeper reservoirs are no longer producing at this well location.

JKX Oil & Gas plc is an exploration and production company listed on the London Stock Exchange. The Company has licence interests in Ukraine, Russia, Hungary and Slovakia.

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For further information please contact:

Nadja Vetter / Lauren Foster, Cardew Group T: 020 7930 0777