JKX Oil & Gas PLC October 2017 Monthly Production Report (3838W)

TIDMJKX

RNS Number : 3838W

JKX Oil & Gas PLC

14 November 2017

14 November 2017

JKX Oil & Gas plc

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

October 2017 Monthly Production Report

 
                             October   September   % Change    10 months     10 months    % Change 
                               2017       2017                 to October    to October 
                                                                  2017          2016 
--------------------------  --------  ----------  ---------  ------------  ------------  --------- 
 Total production 
  (boepd(1) )                 8,807      8,590       2.5%        8,662        10,130      (14.5)% 
--------------------------  --------  ----------  ---------  ------------  ------------  --------- 
 Ukraine (boepd)              3,283      3,029       8.4%        3,563         4,008      (11.1)% 
 - Average gas production 
  (MMcfd(2) )                 15.1       14.3        5.6%        16.2          18.5       (12.4)% 
 - Average oil and 
  condensate production 
  (boepd)                      763        646       18.1%         640           925       (30.8)% 
--------------------------  --------  ----------  ---------  ------------  ------------  --------- 
 Russia (boepd)               5,502      5,501       0.0%        4,966         6,122      (18.9)% 
 - Average gas production 
  (MMcfd)                     32.6       32.6        0.0%        29.5          36.3       (18.7)% 
 - Average condensate 
  production (boepd)           65         63         3.2%         55            65        (15.4)% 
--------------------------  --------  ----------  ---------  ------------  ------------  --------- 
 Hungary (boepd)               23         60       (61.7)%        133            -          100% 
 - Average gas production 
  (MMcfd)                      0.1        0.3      (66.7)%        0.7            -          100% 
 - Average condensate 
  production (boepd)            2          5       (60.0)%         9             -          100% 
--------------------------  --------  ----------  ---------  ------------  ------------  --------- 
 

-- Average Group production for October 2017 was 8,807 boepd, a 2.5% month-on-month increase and a 14.5% year-on-year decrease for the first ten months of the year. The year-on-year decrease was largely due to the delayed workover of well 25 in Russia and natural production decline in Ukraine and Hungary.

-- In Ukraine, gas production was up by 0.8 MMscf/d while oil production was up by 117 boepd compared to the previous month. This was in part due to the Novonik gas plant shut-down in September for regular maintenance. Optimization of gas compression also contributed to the increase. In addition, following a successful workover, production from M153 increased from 26 to 130 boepd.

-- In Russia, gas production remained constant. While the Well 5 workover has experienced delays, we now expect production to re-start in December 2017.

-- In Hungary, the workover of Hn-1 is now complete and the well started producing on 25 October. It is currently producing at the rate of 0.7 MMcfd of gas and 12 boepd of condensate. Prior to Hn-1 workover the Hn-2ST well had been shut in on September 26. October production data reflects the monthly average of seven days' production from Hn-1.

(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                              [phone] 

Victor Gladun, Acting Chief Executive Officer

   EM Communications                          [phone] 

Stuart Leasor, Jeroen van de Crommenacker

This information is provided by RNS

The company news service from the London Stock Exchange

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November 14, 2017 02:01 ET (07:01 GMT)