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Market: LSE
Sector: Energy
EPIC: JKX
Latest Price: 142.25p  (2.34% Ascending)
52-week High: 340.70p
52-week Low: 119.00p
Market Cap: 244.20M
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JKX Oil & Gas
www.jkx.co.uk

JKX Oil & Gas plc is a FTSE 250 exploration and production company. Listed on the London Stock Exchange, the Company’s principal interests are located in Ukraine and Russia, with additional interests in Georgia, Bulgaria, Hungary, Slovakia, Turkey and USA.

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JKX Oil & Gas spuds exploration well in Bulgaria

2nd Sep 2010, 2:45 pm JKX Oil & Gas spuds exploration well in Bulgaria

JKX Oil & Gas (LON:JKX) told investors that it will spud the first of two exploration wells in Bulgaria today. The ‘Staro Oryahovo South R-1’ well will test an estimated 20-30 billion cubic feet (Bcf) resource.

The ‘Staro Oryahovo South R-1’ well will be drilled to 1,800m to test a 'submarine fan target' of Eocene age in the Kamchia Basin, south west of Varna.

Drilling is expected to last until the end of September, at which point the rig will move onto the next well location, ‘Shkorpilovtci South West R2’ location, 5km to the south.

The second well will also drill an Eocene age target -  the turbidite channel complex - with an estimated 20-30Bcf resource.

The wells are being drilled through a joint venture.

JKX are the operators with a 40% stake, whilst Balkan Explorers Ltd and Sorgenia E&P Bulgaria each hold 30%.

The company also revealed that it is preparing testing operations at the Tiszavasvari-6 well in Hungary, with work slated for mid-September.

In July, Tiszavasvari-6 was drilled to its 2,893m target depth, and initial electronic logging indicated the presence of up to 50m of pay, within a 300m interval. 

The company noted that it is a low net/gross interval, which may require fracture stimulation.

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