JKX Oil & Gas PLC Quarterly Production and Operations Update (8625K)
April 13 2018 - 6:00AM
UK Regulatory
TIDMJKX
RNS Number : 8625K
JKX Oil & Gas PLC
13 April 2018
13 April 2018
JKX Oil & Gas plc
("JKX", the "Company" or the "Group")
Quarterly Production and Operations Update
Q on Y on
Q % Y %
1Q 4Q Change 1Q 1Q Change
2018 2017 2018 2017
Total production (boepd(1)
) 8,749 8,697 0.6% 8,749 9,436 (7.3)%
Ukraine (boepd) 3,396 3,243 4.7% 3,396 3,917 (13.3)%
- Average gas production
(MMcfd(2) ) 16.0 15 6.7% 16.0 19.2 (16.7)%
- Average oil and condensate
production (boepd) 738 742 (0.5)% 738 718 2.8%
Russia (boepd) 5,263 5,362 (1.8)% 5,263 5,320 (1.1)%
- Average gas production
(MMcfd) 31.2 31.8 (1.9)% 31.2 31.6 (1.3)%
- Average condensate
production (boepd) 58 61 (4.9)% 58 56 3.6%
Hungary (boepd) 90 92 (2.2)% 90 199 (54.8)%
- Average gas production
(MMcfd) 0.47 0.48 (2.1)% 0.47 1.1 (57.3)%
- Average condensate
production (boepd) 9 12 (25.0)% 9 12 (26.2)%
-- Average Group production for the first quarter of 2018 was
8,749 boepd, 0.6% higher than in the last quarter of 2017 but 7.3%
lower than in the first quarter of 2017.
-- In Ukraine, gas production in the first quarter of 2018 was
16.7% lower than in the first quarter of 2017, largely due to
natural decline, but 6.7% higher than in the last quarter of 2018.
The increase compared to the previous quarter has resulted from the
production enhancement program started in late 2017. Well M158 ST
was drilled to TD and evaluation of data and completion operations
will be finalised in the second quarter. Work on the production
enhancement program, including workovers of state owned wells, is
continuing including drilling of the infill well E308 at the
Elyzavetivske field in the second quarter of 2018.
-- In Russia, production has remained relatively stable compared
to both the first and fourth quarters of 2017. Natural decline was
kept to a minimum as Well 25 and Well 27 were successfully acidized
during the first week of February.
-- In Central Europe, the process of divesting the Company's
Hungary assets is currently ongoing. Meanwhile, the company has now
relinquished its 25% stake in four exploration licenses in
Slovakia.
-- JKX has made a scheduled payment to bondholders of $6.9
million in February 2018, reducing the outstanding principal amount
from $16.0 million to $10.7 million.
(1) boepd - Barrels of oil equivalent per day
(2) MMcfd - Million cubic feet per day
This announcement contains inside information as defined in EU
Regulation No. 596/2014 and is in accordance with the Company's
obligations under Article 17 of that Regulation.
ENDS
JKX Oil & Gas plc +44 (0) 20 7323 4464
Ben Fraser, CFO
EM Communications +44 (0) 20 3709 5711
Stuart Leasor, Jeroen van de Crommenacker
This information is provided by RNS
The company news service from the London Stock Exchange
END
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