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Jkx Oil & Gas Ord GBP0.10 NEX:JKX.GB NEX Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -3.18p -5.53% 54.32p 50.00p 65.00p 54.32p 54.32p 54.32p 1,454 08:24:07

JKX Oil & Gas PLC Quarterly Operations Update

17/04/2019 7:00am

UK Regulatory (RNS & others)


Jkx Oil & Gas Ord GBP0.10 (NEX:JKX.GB)
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TIDMJKX

RNS Number : 4115W

JKX Oil & Gas PLC

17 April 2019

17 April 2019

JKX Oil & Gas plc

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

Quarterly Operations Update

Highlights

   -- Q1 2019 average daily production was 9,907 boepd, 11.6% greater than in Q4 2018. 
 
   -- March 2019 monthly production of 10,200 boepd, strongly supported by the IG103 side track that has averaged 1,598 
      boepd in Q1, is the highest monthly average Group production since June 2016. 
 
   -- $10.5m cash held at 31 March 2019, after payment of $5.3m principal and $0.7m interest to the convertible 
      bondholders in February. In addition to cash we are holding oil and gas inventory of approximately $4.8m in 
      value. 
 
   -- Both Ukraine and Russia continued to generate operational cash flow, although Ukrainian gas prices were 21.6% 
      down compared to the previous quarter, allowing us to continue investing in the fields as planned. 
 
   -- In Ukraine the new well WM3 has been drilled to a total depth of 3,570m. The rig was released on 11 April, and 
      perforating is planned within a week followed by testing. 

Production

 
                                                        Q on                          Y on 
                                      Q1      Q4      Q % Change    1Q      1Q      Y % Change 
                                     2019    2018                  2019    2018 
 Total production, boepd             9,907   8,874      11.6%      9,907   8,749      13.2% 
 Ukraine, boepd                      5,009   3,707      35.1%      5,009   3,396      47.5% 
 - Average gas production, 
  Mcmd                                709     515       37.6%       709     453       56.5% 
 - Average oil and condensate 
  production, boepd                   837     676       23.8%       837     738       13.4% 
 Russia, boepd                       4,873   5,083     (4.1)%      4,873   5,263     (7.4)% 
 - Average gas production, 
  Mcmd                                819     854      (4.2)%       819     883      (7.4)% 
 - Average condensate production, 
  boepd                               56      56        0.2%        56      58       (3.2)% 
 Hungary, boepd                       25      84       (70.2)%      25      90       (72.2)% 
 Prices realised 
 Ukraine 
 - Average gas price, $/Mcm           269     343      (21.6)%      269     280      (3.9)% 
 - Average oil price ($/bbl)          59      82       (28.0)%      59      72       (18.1)% 
 Russia 
 - Average gas price, $/Mcm           56      55        1.8%        56      65       (13.8)% 
 

In Ukraine:

   -- IG103 side track production continues to exceed expectations with current production at 1,449 boepd without a 
      significant drop in pressure. To date the well has produced 171 kboe. 
 
   -- New well WM3 has been drilled to a total depth of 3,570m and a total of 21m of net hydrocarbon thickness has been 
      determined from log interpretation, across three separate reservoir intervals. 
 
   -- Rig is currently relocating to drill new well NN81. 
 
   -- The 3D seismic survey of the West Mashivska field is complete and the data is currently being processed. 

In Russia the Well 5 workover has resumed following the repair of the damaged drill pipe. Attempts to pull all 972m of the fish have so far been unsuccessful. Operations are ongoing to recover as much as possible.

Rental fee claims

Claims issued by the Ukrainian tax authorities for additional rental fees are being contested through the Ukrainian court process. There have not been any material changes in the status of any of the claims since the 2018 Annual Report was issued.

International arbitration award

In February 2019 JKX filed an application for the recognition and enforcement of an international arbitration award as described in the 2018 Annual Report. Ukraine's Ministry of Justice has filed its objections. Filings of both parties await court consideration.

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 7002 7860 

Stuart Leasor, Jeroen van de Crommenacker

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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April 17, 2019 02:00 ET (06:00 GMT)

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