JKX are a growth oil and gas company, principally based in the Ukraine, but also present in several other countries, and have recently presented some excellent results.




JKX corporate website : http://www.jkx.co.uk/index.cfm

Poltava Petroleum : http://www.ppc.net.ua/inf_en.html

Annual report 2005 : Click HERE

TFC,

JKX have plenty of cash in the bank!

Cash and cashburn are not issues with JKX, they are on course for record turnover and profits to be announced next month.

I don't see this RNS as a negative at all, in fact it seems to confirm a decent gas find, IMHO!

-----------------------------------------

JKX Oil & Gas PLC
07 February 2006



FOR IMMEDIATE RELEASE 7 February 2006


JKX OIL & GAS plc

ANNOUNCES

UKRAINIAN DRILLING UPDATE

JKX Oil & Gas plc ('JKX') announces that Well R101 in the Rudenkovskoye Field,
onshore Ukraine, has been suspended whilst an additional string of high strength
casing is delivered. Completion and testing of the well is now scheduled for
April 2006.

Well R101 was spudded at the beginning of October 2005 and reached a depth of
4,579m in mid January. Mud logs indicated more than 200m of gas bearing
Tournasian sandstones in a number of intervals from approximately 4,100m; gas
shows were recorded at downhole pressures of between 9,000psi and 11,000psi.
Drilling was halted at 4,579m when gas was encountered at pressures in excess of
12,000 psi. These pressures exceeded the design parameters for the well and were
30% higher than the maximum values reported in offset wells drilled by Ukrainian
State organisations in the 1970s. A cement plug has been set to isolate this
lower horizon and a liner has been run and cemented.

The N75 rig is currently being moved to the Molchanovskoye Field to drill the
next horizontal producing Well M154 in the northern area of the field. On
completion of Well M154, the rig will return to Rudenkovskoye to set the new
high pressure casing, prior to logging and testing of the upper horizons of Well
R101. Advanced 'through casing' logging techniques will be required as it was
not possible to run open hole logs across the upper Tournasian sands prior to
well suspension.

The Company is also reviewing options for drilling and testing the underlying
high pressure Devonian formations; these include upgrading of the N75 rig or
contracting a larger rig with a 15,000psi BOP system.

JKX Oil & Gas plc is an oil and gas exploration and production company listed on
the London Stock Exchange. The company has license interests in Ukraine,
Georgia, Italy, Bulgaria, Turkey, Russia and the United States


END


For further information please contact:

Sofia Rehman Cardew Group 020 7930 0777


This information is provided by RNS
The company news service from the London Stock Exchange

"Mud logs indicated more than 200m of gas bearing Tournasian sandstones"

I believe this is much higher than previously expected.
MM's have chsoen to interpret this RNS as bad news and marked the SP down? Personally I thought this was good news with greater gas reserves.

WDIK, PDYOR.

camlad

camiladasi,

I thought it was good new too!

Maybe if there is a poster with the relevant technical experience here, they could post an opinion?

Good to see the price recovery late on, maybe a confirmation that this indeed was better than first thought?

......Amities http://www.timesonline.co.uk/article0..3-2022311.co.html.....................,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,http://www.timesonline.co.uk/article/0..748-2019644.00.html ....,,,,,,,,,,,,,,,,,,,,,, ,,http:////timesonline.co.uk/article/O...748-2019644.00.html ,,,,,, may shed some light on matters in the Ukraine . Hope this is not like back to the old bosses with their connections to the Kremlin . ...................................................................................................Rather puzzled by PEEL HUNTS " BUY" reckie this past month and out of the blue they downgrade it . ........ But the very notion of the party of the regions whose leader wants all Ukranians to speak Russian and re-establish The Ukraine as a satallite of the Russias getting elected spells the country breaking into two . and this "NEW" man with his well oiled , highly financed American PR machine is well ahead in the polls and very popular in the energy rich Donets region in the East ........And who is he ? None other than Putins poodle and Kuchmas intended replacement and Yuschenkos adversary -Viktor Yanokovych ..... ,,,@+ J...

TFC,

Do you have either of the Peel Hunt notes electronically by any chance?

I would like to read them if you have please.
(You can attach via PM here, or email - theyarenotgreen@hotmail.com)

A better finish to the week, and we are coming within T trade range of the final results, so I hope we will see some strength as I anticipate they will be superb, and surprise on the upside.

Bon weekend all!

Andy, I too was surprised by what I've heard about the Peel Hunt note (I haven't seen it yet) especially as previously they were bullish on JKX.

I also don't understand it in context as JKX are one of the likely candidates for promotion to the FTSE 250 in March and if that does happen then it will be a target for the tracker funds. I would have thought the recent (positive, IMHO) RNS and the likelihood of a FTSER 250 place would be making JKX more attractive and lead to an increase in valuation and SP.

BWDIK, PDYOR.

camlad

Amities /Slt Andy .....Sorry about delay-Only juste got your message. Am scurrying around in search of this note ...lf in doubt check with Peel Hunt . lt is no secret . Merely damned odd that one moment PH are bullish about JKX.The next they are bearish .........ln the Kiev Times there is an article about RPT quite justifibly having thier permits revoked;{ ??? } and much talk that the Ukraine will be playing softly softly to the tune of the Russias esp after suffering a power cut on New Years day . Somewhat ironically a few days later Russia paid their Wb/ EU loan years early . ..Who needs an army when you have an abundance of oil/gas/ hydrocarbons ?...As it currently stands Yanokovych is well ahead in the polls ,,,,,,,,gulp,,,horror ......but Poltava have done business with these men for years before the O.Rev. ,,,,,So whats changed ???. @+J

JKX Oil & Gas says spudded well I124 in Ukrainian Ignatovskoye field
AFX


LONDON (AFX) - JKX Oil & Gas PLC said it has spudded well I124 in the Ignatovskoye Field, onshore Ukraine.

The well will target oil in a small reefal feature on the southern flank of the main Visean Carbonate structure. Drilling is scheduled to be completed in 30 days.

JKX added that since the beginning of the year, the Kremco rig has worked over Well I105, and has successfully installed a rod pump in Well M31 on the

Molchanovskoye Field.

newsdesk@afxnews.com

tc

JKX Oil & Gas Well "Probably Very Low Risk"

Friday, February 24, 2006 4:15:29 AM ET
Dow Jones Newswires

0758 GMT [Dow Jones] JKX Oil & Gas' (JKX.LN) latest well spud in Ukraine is a small feature oil well, "probably very low risk," says an analyst. Reckons if the well is successful, it could add some 1000 barrels of oil per day, lifting JKX's production by 8% to 10%. "It'll be very useful incremental profits if it comes in." But notes the it's a "relatively small oil accumulation," adding, "it's not going to be something that make or breaks the company's hearts."

JKX closed at 354p Thursday. (JZR)

The promotion and relegation from the FTSE 250 take place next week, on 7th March.

Looking at the companies at the bottom of the FTSE 250, and their market caps, and comparing to those such as JKX ast the top of the FTSE 350, it does look as though JKX will indeed achieve promotiom, barring any last minute disasters.

I just checked the market caps of the companies in a Dow Jones article, which I have pasted below, and they are as follows;


------------------------------------
TSE 250 Most Likely Risers, Fallers Cited

Thursday, March 02, 2006 7:45:32 AM ET
Dow Jones Newswires

1131 GMT [Dow Jones] Drax Group (DAB.LN), JKX Oil & Gas (JKX.LN) and Dexion Absolute (DAB.LN) are the most likely companies to be promoted to the FTSE 250 at the quarterly index review, say traders. Britvic (BVIC.LN) had also been cited as a potential promotion candidate until its sharp share price slide Wendnesday. Photo-Me International (PHTM.LN), Luminar (LMR.LN), Whatman (WHM.LN) and Skyepharm (SKP.LN) are the most likely to be demoted to the FTSE 350, they added. FTSE declined to comment but will makes its decision based on closing prices on March 7. (DWE)
------------------------------------

Possible FTSE 250 relegation candidates;
BVIC 568 million
PHTM 349 Million
LMR 364 million
WHM 362 million
SKP 332 million


Possible FTSE 250 promotion candidates;
DAB 568 million
JKX 529 million

All figures as per LSE website after close today.

From the Guardian.
======================

Status quo

The quarterly review of the FTSE 100 index is set to produce no changes for the first time in a decade. Index compiler FTSE will announce the results of the review today but based on last night's closing prices there would be no one joining or leaving the index.

Lower down the market there is expected to be more movement, with Drax and JKX Oil & Gas and Dexion joining the FTSE 250 and SkyePharma, Photo-Me and Whatman leaving.

It's offical, we're in!
----------------------


FTSE Group confirms no blue chip index changes for first time in 10 years
AFX


LONDON (AFX) - FTSE Group, the global index provider, last night confirmed that there will be no changes to the FTSE 100 index following the latest UK indices quarterly review.

This is the first time there have been no changes to the blue chip index at a review since March 1996.

In the mid cap FTSE 250 index, there will be three new entrants - recently listed power company Drax Group PLC, investment company Dexion PLC, and JKX Oil & Gas PLC, promoted to the FTSE 250 from the FTSE SmallCap.

All good Andy, thanks

Anyone know who is leading the polls inthe elections? and are they being independently monitored.

regards

Should be a very interesting 2 weeks.

Results, into the FTSE250 and elections.Feeling good about this.

Gives some Idea of elections

Are they relaxing the export criteria?

WTO

Regards

Dr Square,

Interesting 167,348 BUYS after the bell!

hello Andy
yes i was looking at that. One was a P trade don't know what that is. With big buys the s/p may now start to move up with results out soon

kkeith2000

Well according to the glossary, "P = Protected Portfolio Transaction."

And according to the LSE;

"Definition

"A term used by the London Stock Exchange to denote that a transaction was reported as a protected portfolio, or was as a result of a worked principle agreement for a portfolio transaction."


I have to admit I am none the wiser after reading that!

Andy, Keith,

I work in so-called "global custody" (i.e. a bank looking after pension funds' assets) and have a sneaking suspicion that a "portfolio transaction" is the name given by brokers to a transaction that takes place when the shareholder moves shares across the market, from one nominee account to another or one customer account to another, without payment taking place. This can be between custodian banks where the pension fund transfers its assets from one custodian to another or simply between two nominee accounts at one bank to correct a mistake, to hold the stock in a different system or to effect the splitting/consolidation of a fund. In the language of custody, the shares are moved but there is typically "no change of beneficial owner".

If I was at work right now I'd ask around for confirmation, but have been off ill for a long time so will have to leave it. Hope it helps anyway. (Anyone else out there who may be in the know is welcome to confirm or correct).

In other words it won't or shouldn't have an effect on the share price - hence the "protected" or "portfolio" status.

hello soul traders
thanks for the information

Soul traders,

Many thanks.