JKX Oil & Gas (LON:JKX) announced this morning that the remaining P+P reserves for its Elizavetovskoye Field near Poltava, Ukraine have been revised upwards to 22 BCF (3.7 MMboe) with a further 20 MMboe of net prospective resources in the licence.
JKX Chief Executive, Dr Paul Davies, said: "We are very pleased that the data collected from our joint activity with the Ukrainian state production company has demonstrated both the materiality of the 2P reserves and the significant prospective resources on our Elizavetovskoye licence."
FoxDavies said: 'Today's announcement from JKX is a positive for the Company, but it doesn't exactly move the needle. JKX has come through a difficult time, but there is still a lot to do before its cash flow reaches sustainable levels, and starts to dramatically strengthen the balance sheet.'
JKX Oil & Gas are currently trading at 62.17 pence a share, up 2.77% on opening.
Range Resources (LON:RRL) announced this morning that the QUN 135 well makes discovery of a new oil reservoir in the Middle Cruse formation, indicating 50 ft. of net oil pay at approximately 3,500 ft., with the well successfully cemented with 5?" casing. The QUN 138 well successfully drilled and put into production with initial rates (five day average) of approximately 85 bopd. The QUN 139 well successfully reached revised target depth of 1,300 ft. and encountered total of 70 ft. of good quality oil sands, and 190 ft. of lower resistive oil sands in the Lower Forest formation to be perforated later this week. The QUN 133 well perforated and drilling to commence on QUN 140 and QUN 141 wells - all targeting the Lower Forest Formation.
Executive Director Peter Landau said: "We are extremely pleased with the results of the ongoing drilling program in Trinidad, and particularly with the discovery of new oil reservoir. The QUN 135 well confirms once again that the development potential on Range's Trinidad blocks remains largely untapped. Once production testing of this new zone is complete, we will make a determination as to how best to develop the reservoir as part of our expanding portfolio of exploratory, development, and secondary recovery opportunities in Trinidad."
Range Resources Ltd are currently trading at 3.75 pence a share, up 14.33% on opening.
Rialto Energy (LON:RIA) shares have risen by 16.62% this morning and are currently trading at 6.03 pence a share.
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More
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