JKX to start work at Koshekhablskoye field in Russia in 1Q11

JKX Oil & Gas (LSE: JKX LN) plans to start operations at its Koshekhablskoye field in southern Russia in 1Q11, according to an update posted on the company’s website yesterday. The first commercial gas production from the site is targeted for mid-year. The plant has a design capacity of 40 MMcfd (1.133 mln m3), which should allow JKX to achieve its overall near-term production objective of 20,000 boepd. In Ukraine, JKX is represented by the Poltava Petroleum Company, the largest non-state producer of oil and gas in the country. Ukrainian businessman Igor Kolomoyskiy owns 27.06% of JKX shares.