JKX Oil & Gas said Thursday that it has begun the hydrochloric acid treatment of three wells on the Koshekhablskoye Field in the Republic of Adygea, Russia.
The firm said the aim of the programme is to enhance well productivity by improving conditions in the near wellbore and the removal of residual drilling solids in the open-hole sections.
The work is expected to begin in the very near future and be completed within seven to 10 days.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
JKX Chief Executive, Dr Paul Davies, said only that the company is "pleased to have the hydrochloric acidisation programme underway" and is looking forward to having all three wells in production by mid-March.
The acid treatment will use a total of 25 cubic metres of 15% hydrochloric acid solution together with inhibitors to regulate the rate of the reaction process. Pump pressure will be maintained well below the formation fracture pressure to ensure that the treatment is kept to the near well-bore area.
The share price fell 2.12% to 57.75p by 14:57.
NR
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
