JKX Mobilizes Ukrainian Rig

Eastern Europe-focused JKX Oil & Gas announced Tuesday that it has mobilized the Skytop N75 rig to the Molchanovskoye field in the Ukraine for the horizontal recompletion of its M-166 Devonian sandstone oil well. The move is part of JKX's March restart of its in-field drilling and appraisal program on the Novo-Nikolaevskoye Complex.

The Skytop rig is then scheduled to move to the Elizavetovskoye license in June to spud the first of a planned five-well development drilling program. Drilling is also planned in 2013 on the Zaplavskoye license, following completion of processing and interpretation of additional 3D seismic data acquired last year.

JKX Chief Executive Dr Paul Davies commented in a company statement:

"We are pleased to recommence the in-fill drilling program on our core Ukrainian production licenses, the production from which currently underpins our group cash flow."

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