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Future Plans
March 2008 - The Company is embarking on its busiest year to date with significant development drilling programmes scheduled for Ukraine and Russia plus exploration programmes in Ukraine, Hungary, Bulgaria and Turkey.
The continuing development of the company’s four Poltava production licences will include further appraisal and exploitation of the encouraging Tournasian Carbonate field extensions. JKX expect gas production to increase in the second half of the year with unrestricted gas delivery via the Soyuz trunkline. The fracturing programme scheduled for the third quarter on their deep Rudenkovskoye Field is targeted at identifying a well stimulation technique which can facilitate a full and cost effective development of the field.
The recommencement of gas production at the company’s recently acquired Russian Koshekhablskoye Field will establish a second production hub for the Company and is a key milestone for 2008. Plant replacement and well workovers are the major field activities throughout the year, with a new deeper well to appraise the underlying productive horizon scheduled for the turn of the year. JKX anticipate that gas realisations in Russia will follow the trend set in Ukraine with gas prices increasing annually at a rate of 15% to 25% until a European netback price is reached in 2011/2012. Most encouragingly, JKX are continuing to receive expression of interest from additional industrial gas users in the region to purchase our forthcoming production.
Acquisition of additional development assets to increase the company’s reserve base remains a priority with Ukraine and European Russia being the two main areas of evaluation.