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JKX Oil & Gas hires Schlumberger for fracking programme in Ukraine



JKX Oil & Gas (LON:JKX) this morning said it has hired Schlumberger to carry out fracture stimulation operations on the R103 well on the Rudenkovskoye field in Ukraine.

The bulk of the programme is expected to take place in the second quarter of next year because of ‘complex’ logistics, the mobilisation of long-lead items, and the challenges of the Ukrainian winter.

"We are very pleased to have placed these series of contracts with an industry leader and look forward to the successful completion of one of the largest frac operations in the region," said chief executive Paul Davies.

The R103 well, drilled in 2010, is 4,500 metres deep and it contains 1,000 metres of low permeability gas-bearing sandstones. And JKX believes the well will benefit from a multi-stage fracture treatment.

It says that pre-frack operations are well advanced and an injectivity test will be completed in the third quarter of this year.


Quick facts: JKX Oil & Gas PLC

Price: 18.3172 GBX

Market: LSE
Market Cap: £31.45 m

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