JKX Oil & Gas PLC March 2017 Monthly Production Report (1302C)

TIDMJKX

RNS Number : 1302C

JKX Oil & Gas PLC

11 April 2017

11 April 2017

JKX Oil & Gas plc

("JKX", the "Company" or the "Group")

March 2017 Monthly Production Report

 
                             March   February   % Change   3 months    3 months    % Change 
                              2017     2017                 to March    to March 
                                                              2017        2016 
--------------------------  ------  ---------  ---------  ----------  ----------  --------- 
 Total production 
  (boepd(1) )                8,405    9,801     (14.2)%      9,436      10,249      (7.9)% 
--------------------------  ------  ---------  ---------  ----------  ----------  --------- 
 Ukraine (boepd)             3,534    3,854      (8.3)%      3,917       3,891       0.7% 
 - Average gas production 
  (MMcfd(2) )                17.3      19.0      (8.9)%      19.2        19.2        0.0% 
 - Average oil and 
  condensate production 
  (boepd)                     650      682       (4.7)%       718         690        4.1% 
--------------------------  ------  ---------  ---------  ----------  ----------  --------- 
 Russia (boepd)              4,568    5,643     (19.1)%      5,320       6,357     (16.3)% 
 - Average gas production 
  (MMcfd)                    27.1      33.5     (19.1)%      31.6        37.7      (16.2)% 
 - Average condensate 
  production (boepd)          48        59      (18.6)%       56          68       (17.6)% 
--------------------------  ------  ---------  ---------  ----------  ----------  --------- 
 Hungary (boepd)              307      308       (0.3)%       199          -         100% 
 - Average gas production 
  (MMcfd)                     1.7      1.7        0.0%        1.1          -         100% 
 - Average condensate 
  production (boepd)          24        25       (4.0)%       15           -         100% 
--------------------------  ------  ---------  ---------  ----------  ----------  --------- 
 

-- Average Group production for March 2017 was 8,405 boepd, a 14.2% month-on-month decrease. Production declines occurred in Ukraine and Russia, while Hungarian production remained stable.

-- In Ukraine, gas and liquids production decreases against February were primarily driven by the decline of wells NN47 and NN16 at the Rudenkivske field. The monthly average production rate of NN47 declined from 2.4 to 1.1 MMcfd. NN16 declined from 0.8 to 0.5 MMcfd. Other production losses were attributed to M153, which was offline throughout March due a blockage, and resulted in a loss of 23 bpd of oil and 0.2 MMcfd of gas compared to the February monthly average.

-- No production enhancements were carried out in March while preparation for a well stimulation program at the Rudenkovskoye field continues. We have signed a contract with Schlumberger to stimulate 11 wells with multiple zones in the second and third quarter of this year.

-- In Russia, gas production is lower due to the preparation of Well 25 for a planned workover. This well contributed 10.1 MMcfd during February and was closed in for rig-up on the 5 March 2017. Increased production from other wells partly compensated the loss of Well 25.

(1) boepd - Barrels of oil equivalent per day

(2) MMcfd - Million cubic feet per day

(3) MD - Measured depth

(4) stb - standard tank barrel

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                              [phone] 

Russell Hoare, Chief Financial Officer

   Stockdale Securities                         [phone] 

Robert Finlay, Daniel Harris

   EM Communications                          [phone] 

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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April 11, 2017 02:01 ET (06:01 GMT)