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JKX Oil & Gas Plc confirmed that YGE, its wholly-owned Russian subsidiary, has been awarded the Giorgievskoye exploration license in the Republic of Adygea, southern Russia.
The largest part of the 170.7 sq km license lies adjacent to, and immediately south of the 32.65 sq km Koshekhablskoye production license. However, a significant part of it also runs to the northwest of the Koshekhablskoye field and covers its eastern and western flanks.
Mapping and material balance reserves determinations have indicated that most of the Oxfordian 2P reserves in the new license area will to be recoverable through the existing wells on the Koshekhablskoye field. However, a further 30-90 billion cu ft (Bcf) of contingent Oxfordian gas resources could be recovered by additional drilling, together with a total 140-180 Bcf of Callovian gas resources.
There is also an additional lead in the south of the block, beyond the existing 3D seismic coverage, with estimated P50 gas resources of 30 Bcf unrisked.