JKX Oil and Gas has seen potential gas signs at the Elizavetovskoye field in Ukraine.
The company said the testing of well E-303 had indicated a gross pay of 167 metres, spread over eight reservoir horizons.
The well is targeting the underlying G7-G12 sandstone reservoirs, at a total depth of 4,406metres.
In September it was awarded a long-term license for work in the Ukraine after finishing the first phase on the project.
JKX said the results were analogous to those in the producing wells in the adjacent Machevska field, which is one of the largest in Ukraine.
Chief executive, Dr Paul Davies, said: “Bringing the deep sandstone reservoirs of the Elizavetovskoye field on-stream is technically challenging and will require extended completion and testing.
“We are optimistic that the sandstone reservoirs will produce at commercial rates in line with the nearby wells. We will provide further updates as the work progresses.”
The exploration and production company completed Phase 1 of the project and was given a 20-year production license to replace the original five-month license that expires in November.
The upgrade doubled the plant capacity to 30MMcfd and includes debottlenecking, improved metering, enhanced condensate separation and the addition of a stand-alone gas-powered electricity supply.
Phase 2 is due to be finished in the fourth quarter and will increase the flexibility of the plant by adding compression and a low pressure gas train.
Work began on well E-301 in January this year while well E-302 went under way in March. The two wells averaged a production of 10.6MMcfc, with 18 barrels produced per day before the recent plant upgrade doubled its yield.
Recommended for you
