JKX reports successful test of its NN-80 well in Ukraine

JKX Oil & Gas (JKX LN) tested its new NN-80 well at its Novo-Nikolaevskoye field at a stabilized flow of 4.98 MMcfd of gas and 51 bpd of condensate, the company reported on April 10. JKX added that it detected a lower gas-bearing reservoir there “which will be completed and tested at a later stage”. The success of NN-80 well “underpins the prospect of similar features identified in the adjacent Zaplavskoye exploration licence,” JKX said.

Alexander Paraschiy: The news is clearly encouraging for JKX, which experienced a steady decline in gas production from its Ukrainian assets over the last couple of years. The NN-80 well, if put into operation at the declared rate, would produce about 880 boepd of carbohydrates, which is equal to 18% of its Ukrainian output and 9% of total output in 2013.