JKX Oil & Gas with assets in Ukraine and Russia in 2018 saw $15.26 million in net profit compared with net loss of $17.66 million in 2017. This is the first profit of the company since 2013.
According to unaudited preliminary results of the company posted on the London Stock Exchange (LSE) on Friday, its revenue grew by 24.4%, to $92.87 million benefitting from high sales prices in Ukraine.
Average price of gas in 2018 was 29.6% higher than in 2017, being $307.80 per 1,000 cubic meters, that for oil – 15.1% more ($74 per barrel), and LPG – 16.5% more ($544 per tonne).
According to the document, the company moved into to net cash position of $8.2 million ($9.7 million net debt position in 2017).
Last year the company’s capital expenditure totaled $11.8 million, including $11.1 million related to Ukraine.
In 2018, group average production was 8,937 boepd (2017: 8,657 boepd), an overall increase in production of 3.2%. In Ukraine the figure grew by 4.8%, to 3,677 boepd, in Russia by 2.9%, to 5,169 boepd and in Hungary it fell by 30.5%, to 91 boepd.
JKX Oil & Gas is engaged in exploration and production of hydrocarbons in Ukraine, Russia, Hungary, and Slovakia.
The largest shareholders of JKX are Eclairs Group of Ihor Kolomoisky and Hennadiy Boholiubov with 27.47% of the shares, Keyhall Holding with 11.42%, Neptune Invest & Finance Corp with 12.95%, and Interneft Ltd with 6.6%.
