JKX Test Flows New Well

JKX Oil & Gas’s latest well at the Ignativske field in eastern Ukraine has test-flowed at a rate of 152,000 m³/day of gas and 709 barrels/day of oil and condensate, the London-listed company said on July 19.

Wellhead pressure of 2,300 pounds/square inch (psi) was achieved on a restricted choke, JKX said in a stock exchange filing. Results "significantly exceeded expectations", it said, noting that tests continued to identify the optimum choke setting for maximising the well’s oil cut.

“A significant gas column remains unperforated (about 30m net hydrocarbon thickness) which will remain unperforated for the time being, pending evaluation of the oil leg, to maximise recovery of the oil,” JKX explained.

This is JKX's fourth successful well since embarking on a five-year drilling and workover plan last year, aimed at lifting production. Output at the company’s fields in Ukraine and Russia climbed 16% yr/yr in the first half of 2019, reaching 10,132 barrels of oil equivalent/day.