JKX Oil & Gas with assets in Ukraine and Russia in early 2019 reached the average daily production of 5,129 barrels (boepd), which is 27.8% more than the average figure for the fourth quarter of 2018, the company reported on the London Stock Exchange. According to the report, this result was achieved thanks to the successful testing of the IG103 wellbore, as a result of which the productivity of this well continues to exceed expectations and recently amounted to about 1,600 boepd, while the estimated production from it exceeds 30 million cubic meters.
In accordance with the presentation of JKX, last year it increased natural gas production by 4.6%, to 181 million cubic meters, oil extraction by 6.3%, to 34,000 tonnes.
The company said that in 2019 it intends to increase production in Ukraine thanks to new drilling and other measures, including research and 3D seismic exploration.
GAS, JKX, OIL, PRODUCTION
JKX Oil&Gas Plc with assets in Ukraine saw a 52.3% fall in net loss in 2017, to $17.7 million. According to an annual report of the company posted on the website of the London Stock Exchange (LSE), revenue last year grew by 3.5%, to $76.4 million, and operating profit stood at $7.8 million compared with $3.9 million of loss a year ago.
In 2017 group average production was 8,658 barrels of oil equivalent per day (boepd, 14.1% down year-over-year).
Production in Ukraine fell by 12%. Gas production fell by 10%, to 16.7 million cubic feet per day (MMcfd). Oil and gas condensate output decreased 20%, to 719 boepd.
As reported, in Ukraine JKX owns Poltava Petroleum Company.
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% of the shares, Neptune Invest & Finance Corp with 12.95%, and Russia’s Proxima Capital Group with 19.92% and Interneft Ltd. with 6.6%.
