JKX Oil & Gas announced that a contract has been signed with Schlumberger to stimulate 11 wells with multiple zones during the second and third quarter of this year and the technical fleet has arrived at its facility in Poltava, Ukraine. It is expected that the stimulation program will begin within the next two weeks. In Ukraine JKX’s wholly-owned subsidiary Poltava Petroleum Company (PPC) is one of the largest non-state producers of oil and gas in Ukraine. PPC holds 100% interest in five production licences in the Poltava region of Ukraine: Ignatovskoye, Molchanovskoye, Novo-Nikolaevskoye and Rudenkovskoye contain distinct fields which together cover 127sq.km. and form the Novo-Nikolaevskoye Complex; and the Elizavetovskoye production licence which covers an area of 104.7sq.km. and was issued in November 2014 for a period of 20 years.
PPC also holds the Zaplavskoye exploration licence being Zaplavskoye (within the Novo-Nikolaevskoye Complex) which comprises a total exploration area of 197.5sq.km.
PPC was established in 1994, initially focusing its efforts on four fields located within the Novo-Nikolaevskoye Complex located in the Poltava region of Ukraine. Production of commercial quantities of oil and gas began in 1995. JKX has maintained its leading position as one of the largest non-state producers of oil and gas within Ukraine. (Source: JKX – Image: ReAI)