JKX begins drilling new sidetrack in southern Russia

JKX Oil & Gas has announced plans to suspend clearing out a well in Russia in favour of drilling a fresh sidetrack.

The London-listed company, one of the largest non-state oil producers in Ukraine, said in March that the Well 5 sidetrack in southern Russia had been successfully drilled to a total depth of 5,204m.

However, during a scraper run the drill pipe parted, leaving 1,119m of “fish”, or junk, in the well. Only 147m of which was able to be recovered, meaning workover was suspended pending inspection of the drill pipe.

Updating investors on Thursday, JKX said while 969m of fish had been recovered or milled, 3m was still left in the sidetrack.

It continued: “Having assessed the operational risks, we have decided to suspend fishing and wild rill a second sidetrack instead. The rig operator has not been charging us since the beginning of march and will not do so until the second sidetrack is drilled.

“The drilling of the second sidetrack is expected to be completed in the first week of June.”

Shares in JKX were down 6% at 52.6p by noon BST.