JKX.L Share News (JKX)

Oil explorer JKX Oil & Gas said results from the second well test in the Koshekhablskoye Field, Russia, "far" exceeded expectations.The group said well 20 flowed at a stabilised rate of 22.6 MMcfd of gas and an estimated 25 bpd of condensate through a 60/64". "This result far exceeds the company's expectations," it said.The new test result indicate the use of modern drilling practices and fluids combined with improved completion techniques result in significantly higher well productivities than experienced historically in the Koshekhablskoye field, the group said."A full field reserves review will be undertaken once the field starts gas export, and the field pressure response to sustained depletion allows accurate reserves calculations," it added."However, the increased well productivity will improve both project economics and the level of booked reserves."