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JKX Oil & Gas (LON:JKX.L) report:Exploration Update
September 2, 2010, Thursday, 18:17 GMT | 13:17 EST | 22:47 IST | 01:17 SGT
By Daniel Stewart & Co
- The first of two wells testing gas prospects onshore in Bulgaria have spudded today
- The Staro Oryahovo South R-1 will drill to a TD of 1,800m to test a submarine fan target of the Eocene age in the Kamchia Basin. Estimates are for gas of between 20 - 30Bcf. Drilling should complete by end of September
- Upon completion of the first well, the rig will move 5km south and Shkorpilovtci South West R2 location. The well will test turbidites of the Eocene at a depth of 800m. Resources are also estimated at 20 -30Bcf
- In Hungary the Tiszavasvari-6 well reached a TD of 2,893m encountering 50m net pay in a 200m column. The low net/gross interval may require fracturing
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