JKX Oil & Gas recompletes the NN-71 well at 1,000 boepd

JKX Oil & Gas (JKX LN) has recompleted its NN-71 well in its NovoNikolaevskoye field in the Visean V-15 reservoir, the company reported on July 18. The well is producing at a stabilized rate of 4.3 MMcfd of natural gas and 342 boepd of condensate (1,050 boepd in aggregate). The V-15 reservoir indicated good pressure support, despite previous production achieved from the nearby NN-9 well, JKX reported.

The NN-71 well was first drilled back in 2009, targeting the Visean V-25 reservoir and subsequently recompleted to the V-16 reservoir. Both mentioned reservoirs are currently depleted and no longer producing at this location.

Roman Dmytrenko: We believe the fact that the NN-9 well has been producing hydrocarbons from the same V-15 reservoir will take its toll and commercial output from the recompleted NN-71 well will be significantly lower compared to the 1,050 boepd achieved during the tests.

Nevertheless, the NN-71 well success is still a considerable development for JKX, considering that the company’s total hydrocarbon output from Ukrainian assets continues to decline and is currently estimated at 4,300 boepd. Thus, JKX would be able to post an 11% increase in its Ukrainian production compared to April even if the NN-71 commercial flow rate drops 2x to about 500 boepd.