JKX completes drilling wells in Ukraine and Russia
JKX Oil & Gas (JKX LN) reported on June 11 it has successfully drilled its NN81 well in Ukraine to target depth in late May, and the well is currently producing 191 boepd of hydrocarbons. JKX highlighted it was its third consecutive successful well in the last year in Ukraine. The company also spudded a new well, IG142, near the IG103 well that is its most successful in Ukraine to date. In addition, the company reported it completed a sidetrack in Russia at Well-5, which had a technical failure in March.
Alexander Paraschiy: The NN81 well is much less productive than JKX’s previously commissioned well IG103, meaning it won’t bring any boost in hydrocarbon output in Ukraine (it accounts for less than 4% of the company’s output in Ukraine). Anyway, the result looks encouraging for JKX, as well as the news that JKX finally completed repairing Well-5 in Russia. The company’s drilling efforts should result in advanced hydrocarbon output in 2019.