JKX Oil & Gas plc has completed and tested Well M162 as part of its ongoing drilling programme at Poltava, Ukraine. The well was drilled as an appraisal to the northerly extension of the Molchanovskoye Field identified in Well M160.

During testing, Well M162 flowed at an average rate of 3.9 million cubic feet of gas and 120 barrels of condensate per day with a wellhead flowing pressure of 840 psi through a 45 /64 inch choke. It has been tied back to the Company’s production facility via a new 6 km flowline.

Well M162 is a deviated well completed in the Tournasian Carbonate and drilled as a step-out to the southeast of the successful Well M160 which was completed in May 2007. The wells are located in a separate fault block immediately to the north of the Molchanovskoye Field. The Tournasian Carbonates extend from the northerly flank of the Molchanovskoye Field up to the Ignatovskoye Field. The extent of their productivity over this large area is being appraised by the Company.

The first follow up Well M161, drilled to the northwest of Well M160, is awaiting additional acidisation and the Kremco rig is now drilling a further appraisal Well I130 to evaluate the potential for an extension northwards into the Ignatovskoye licence area.