JKX Oil & Gas with assets in Ukraine and Russia in the first quarter of 2021 reduced the average daily production of hydrocarbons by 17% compared to the first quarter of 2020, to 9,177 barrels of oil equivalent per day (boepd), the company said on the London Stock Exchange website on Wednesday.
Production in Ukraine fell by 28%, to 3,843 boepd, including gas production by 28%, to 517,000 cubic meters per day (Mcmd), while oil and condensate by 31%, to 799,000 boepd.
Production of hydrocarbons in the Russian Federation decreased by 5% and amounted to 5,334 boepd, including gas production by 5%, to 869,000 cubic meters per day, and condensate by 11%, to 61 boepd.
JKX indicates that compared to the previous quarter, production decreased by 7%, including in Ukraine by 12% and in Russia by 3%. In particular, gas production in Ukraine decreased by 13%, oil and condensate by 8%.
The company explained the reduction in production in Ukraine due to no drilling activity taking place in the first quarter of 2021 and the loss of IG142 will which produced an average of 321 boepd before it stopped producing in the middle of February. JKX clarified that the drilling rig has remained on free of charge standby with the drilling of IG149 commencing on April 9.
The company also indicated that compared to the first quarter of 2020, the average gas price in Ukraine jumped by 43%, to $214 per 1,000 cubic meters (compared to the fourth quarter, the growth was 27%), for oil and condensate by 22%, to $60 per barrel (an increase of 22% compared to the fourth quarter).
The situation was worse in Russia, where the price of gas fell by 7% year-on-year to $52 per 1,000 cubic meters (although by the fourth quarter it grew by 4%).
The company’s cash and cash equivalents were $28.4 million at the end of March, compared with $24.3 million a quarter earlier. In addition, JKX possessed oil and gas reserves of the Ukrainian subsidiary Poltava Petroleum Company (PPC) in the amount of $2.9 million (a quarter earlier – $2.2 million), which is 1.6 million cubic meters and 38,400 barrels of oil and condensate.
JKX Oil & Gas is engaged in the exploration and production of hydrocarbons in Ukraine and the Russian Federation. Poltava Petroleum Company, owned by JKX, is one of the largest non-state oil and gas companies in Ukraine. It holds five production licenses and one for geological exploration, including pilot production.
JKX Oil & Gas with assets in Ukraine and Russia in 2020 reduced average daily production of hydrocarbons by 5% compared to 2019, to 10,238 barrels of oil equivalent per day (boepd), the company said on the website of the London Stock Exchange.
Production in Ukraine decreased by 13%, to 4,849 boepd, in particular gas production fell by 15%, to 653,000 cubic meters per day (Mcmd), while oil and condensate by 5%, to 1,007 boepd.
Production of hydrocarbons in Russia increased by 4% and amounted to 5,389 boepd, in particular gas production to 905,000 cubic meters per day, condensate to 61 boepd.
JKX points out that in the fourth quarter of last year, compared to the previous quarter, production decreased by 4%, to 9,825 boepd due to a drop in production in Ukraine by 8%, to 4,351 boepd. In particular, gas production in Ukraine fell by 7%, to 592,000 cubic meters per day, oil and condensate by 10%, to 965 boepd.
JKX notes that the reduction in production is associated with a significant reduction in drilling and workover, but indicates that two new wells were drilled in Ukraine in the fourth quarter – IG146 on Ihnativske field with a current flow rate of 6 million cubic meters per day and 35 boepd and the side part of NN75 on Novo-Mykolaivske field with a current flow rate of 80 boepd.
JKX Oil & Gas with assets in Ukraine and Russia in 2020 reduced average daily production of hydrocarbons by 5% compared to 2019, to 10,238 barrels of oil equivalent per day (boepd), the company said on the website of the London Stock Exchange.
Production in Ukraine decreased by 13%, to 4,849 boepd, in particular gas production fell by 15%, to 653,000 cubic meters per day (Mcmd), while oil and condensate by 5%, to 1,007 boepd.
Production of hydrocarbons in Russia increased by 4% and amounted to 5,389 boepd, in particular gas production to 905,000 cubic meters per day, condensate to 61 boepd.
JKX points out that in the fourth quarter of last year, compared to the previous quarter, production decreased by 4%, to 9,825 boepd due to a drop in production in Ukraine by 8%, to 4,351 boepd. In particular, gas production in Ukraine fell by 7%, to 592,000 cubic meters per day, oil and condensate by 10%, to 965 boepd.
JKX notes that the reduction in production is associated with a significant reduction in drilling and workover, but indicates that two new wells were drilled in Ukraine in the fourth quarter – IG146 on Ihnativske field with a current flow rate of 6 million cubic meters per day and 35 boepd and the side part of NN75 on Novo-Mykolaivske field with a current flow rate of 80 boepd.
JKX Oil & Gas with assets in Ukraine and Russia in the first quarter of 2020 increased its average daily hydrocarbon production by 11% compared to the same period last year, to 10,996 barrels of oil equivalent per day (boepd), the company said on the London Stock Exchange’s website.
Thus, the average daily production in Ukraine increased by 7%, to 5,361 boepd, including gas production increased by 1%, to 715,000 cubic meters per day (Mcmd), oil and condensate by 38%, to 1,155 boepd. The average daily hydrocarbon production in the Russian Federation increased by 16% and amounted to 5,635 boepd. In particular, the average daily gas production for the reporting period is 946,000 cubic meters per day (16% more), condensate some 65 boepd (15% more).
The report says that well No. 143 was commissioned in the Ihnativske field in Ukraine in the first half of March. Its production rate is currently 157 barrels of oil per day (bopd) and 65,000 cubic meters of gas per day.
The average selling price of gas in Ukraine in January-March was $150 per 1,000 cubic meters, which is 44% less than a year earlier ($269), oil some $49 per barrel (17% less).
The company’s cash and cash equivalents as of March 31, 2020 were equal to $14.2 million (as of December 31 some $20.6 million). In addition, JKX had $2.4 million worth of oil and gas reserves ($4.1 million as of December 31).
