LONDON--JKX Oil & Gas PLC (JKX.LN), an Eastern
Europe-focused explorer and producer, announced Tuesday that its
wholly-owned subsidiary, Poltava Petroleum Company awarded a
contract to oilfield services company Schlumberger to perform
fracture stimulation operations on well-R103 in the Rudenkovskoye
licence, Poltava, Ukraine.
MAIN FACTS:
-Well was drilled in 2010 to 4,589 million including a
sub-horizontal component of 1,000 million in a low permeability gas
bearing Devonian sandstone unit; detailed geological and
engineering studies concluded that the well will benefit from a
multi-stage fracture treatment.
-Pre-frac preparations on the well are well advanced
-Injectivity test scheduled to be completed in 3Q.
-Bulk of the frac operation to be performed in 1Q13
-JKX Oil and Gas shares at 0714 GMT flat at 92 pence valuing the
company at GBP157 million.
-Write to Ed Ballard at ed.ballard@dowjones.com
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