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Successful completion of well workover in Ukraine

JKX announces that Poltava Petroleum Company (“PPC”), its wholly owned subsidiary in Ukraine, successfully completed the workover of well IG101Z in December 2017. The well was side tracked with an open hole at a depth of 2,392-2,445 m. This was the first drilling operation conducted by PPC since 2015.

The well was kicked off with nitrogen and opened to the EPF at a choke size of 40/64″. The initial flow rate was 8.6 MMscf/d of gas and     365 b/d of condensate and FWHP of 1615 psig. Following the initial reservoir pressure survey multi-rate tests on 20/64″, 25/64″, 32/64″, 36/64″ choke were performed to provide reservoir data for IPR model validation, reservoir dynamic properties, and depletion optimization.

After multi-rate tests the well was flowing at a choke size of 25/64̎”. The average well production rate was 3.4 MMscf/d of gas and 94 b/d of condensate. Production optimization led to the choke at IG101 being reduced to 20/64″ from 5 January 2018. The current well production rate on 20/64″ choke is 2.1 MMscf/d of gas and 55 bpd of condensate with a FWHP of 1470 psig.

Commenting on the announcement, Victor Gladun, JKX’s acting CEO, said, “The initial results from this well have met our expectations, providing a good start for our 2017-2018 well sidetrack program.”