JKX Reports Results in Ukraine at Lower End of Expectations

UK-based JKX revealed that results from well R-103 in Ukraine are at the lower end of the company’s expectations, with a gas rate around 3MMcfd and 25 bpd of condensate. The company is reaching the end of the flowback period following the 10-stage multi-stage frac. 

“Whilst the well performance to date is at the lower end of our expectations, the frac has been effective and the drainage area of the well has been considerably increased. We have commenced correlation of the production results with the existing reservoir data and are looking to identify a location for the next well. Based on our improved knowledge of multi-frac operations, we will be seeking to design our next multi-frac well at a lower cost with improved production rates," commented JKX’s Chief Executive Paul Davies. 

The rate of frac fluid recovery has fallen to 7 cubic metres per day (45 bpd) and the total frac fluid recovered is now 1,900 cubic metres (12,000 bbl), approximately 35% of the total volume injected during the frac operation and in line with company’s expectations.

The company said that it would continue to monitor the well to have a deeper understanding of its performance capability.

JKX Oil & Gas is an exploration and production company listed on the London Stock Exchange, with 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.