JKX Oil & Gas have reported successful test results from well E-303 in its Elizavetovskoye Field in Ukraine, according to a news release.

Following additional perforations in the shallower A2 carbonate reservoir and acid treatment, co-mingled production with the G7-12 sandstone reservoirs, the well produced 5.21 MMcf/d of gas and 18 bbl/d of condensate through a 48/64-in. choke with a flowing wellhead pressure of 505 psi, the release said.

Well E-303 was drilled to a total depth of 4,406 m (14,455 ft) and initially completed in the G7-12 sandstone reservoirs only. Production from the deeper reservoirs, while steady, is not economic in the prevailing economic conditions in Ukraine, JKX said in the release. JKX has announced its decision to suspend its planned 2015 capital investment in Ukraine because of the combination of current restrictions on selling its gas to industrial clients and the substantially increased rates of gas production tax, the release said.