Business news from Ukraine

JKX POSTS 9.9% RISE IN AVERAGE DAILY PRODUCTION IN JAN

15 February , 2017  

KYIV. Feb 15 (Interfax-Ukraine) – JKX Oil&Gas Plc in January 2017 increased average daily production in Ukraine by 9.9% year-over-year and by 13.4% on December 2016, to 4,356 barrels of oil equivalent per day (boepd), the company’s press service reported on Wednesday.

Gas production grew by 7.6% and 14.6% respectively, to 21.2 million cubic feet per day (MMcfd).

Average group production for January 2017 was 10,136 boepd, a 1.8% month-on-month increase, while production in Russia declined by 5.5% compared to December 2016, 5,779 boepd.

Average group production in January fell by 4.5% year-over-year.

“In Ukraine, gas and liquids production increases were driven by the workover of well NN47 at the Rudenkivske field that was completed in December,” the company said.

In January NN47 produced a total of 138 million cubic feet of gas and 5,786 barrels of condensate. In addition, the Ihnatovske field waterflood project commenced with injection of water through well IG126 in the southern part of the field.

According to the report, in Russia, gas production fell as effects of acid stimulation on wells 25 and 27 that completed in November began to subside. Further acid stimulation carried out on these wells in the latter part of January helped restore daily production to previous levels.

JKX said that in Hungary, gas sales from the Hajdunanas field commenced on February 2, 2017 at an initial rate of 1.8 MMcfd, after a production and sales break of more than three years. Production forecasting and development planning is underway and future work may include a workover of the existing Hn-1 well to add production from the Lower Pannonian reservoir interval.

Earlier JKX Oil&Gas Plc said that in 2016 the company saw a 7.5% fall in average daily production in Ukraine, to 4,001 boepd. Average group production grew by 12.1%, to 10,083 boepd.

The largest shareholders of the company are Eclairs Group of Ihor Kolomoisky and Hennadiy Boholiubov with 27.54% of the shares, Glengary Overseas Limited of Oleksandr Zhukov with 11.45%. In addition, Russia’s Proxima Capital Group owns 19.92% in JKX.