OREANDA-NEWS. October 07, 2010. JKX Oil & Gas PLC, Eastern Europe-focused oil and gas explorer, plugged and abandoned the Staro Oryahovo South R-01 exploration well in east Bulgaria, company announced Oct 6. The well had been drilled to a total depth of 1,875m. It is indicated in the report that gas shows were encountered during the drilling, but subsequent log analysis demonstrated that the target was water wet.

Millennium Capital considers the news as neutral for JKX. Staro Oryahovo field is 'non-core area' for the company and failure at this location should not affect the company financials to any sizeable extent. Besides the company opted to continue the exploration at this field moving the drill to make another try at different location.