JKX Starts Final Stages of Programme on R-103 Frac in Ukraine

JKX Oil & Gas started the final part of its programme on the well R-103 in Ukraine, reads a note released on Monday.

“The last four stages have proved to be more challenging but the results continue to be encouraging,” commented JKX’s Chief Executive Paul Davies.

The UK-based company completed the first three stages at the well at the end of July, reporting results in line with expectations.

The company increased from nine to ten the number of stages, with each stage covering approximately 100m of the sub-horizontal 1,000 reservoir section. The work has now started on the final Stage 8 to 10 of the programme.

‘Work has now commenced on Stage 8 and will be followed by Stages 9 and 10. Stage 8 is an additional frac and is, effectively, a replacement for the low performing Stage 5,’ reads the note.

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

JKX’s strategy does not change despite the recent arm wrestling between the company’s management and the two major shareholders. In occasion of the release of the first half results, Davies restated the intention to focus on production growth in Ukraine and expansion in Russia.