JKX Oil & Gas PLC April 2017 Monthly Production Report (1839F)

TIDMJKX

RNS Number : 1839F

JKX Oil & Gas PLC

16 May 2017

16 May 2017

JKX Oil & Gas plc

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

April 2017 Monthly Production Report

 
                             April   March   % Change   4 months    4 months    % Change 
                              2017    2017               to April    to April 
                                                           2017        2016 
--------------------------  ------  ------  ---------  ----------  ----------  --------- 
 Total production 
  (boepd(1) )                7,800   8,405    (7.2)%      9,027      10,356     (12.8)% 
--------------------------  ------  ------  ---------  ----------  ----------  --------- 
 Ukraine (boepd)             3,561   3,534     0.8%       3,828       4,030      (5.0)% 
 - Average gas production 
  (MMcfd(2) )                17.0    17.3     (1.7)%      18.7        19.2       (2.6)% 
 - Average oil and 
  condensate production 
  (boepd)                     727     650     11.8%        720         827      (12.9)% 
--------------------------  ------  ------  ---------  ----------  ----------  --------- 
 Russia (boepd)              4,023   4,568   (11.9)%      4,996       6,326     (21.0)% 
 - Average gas production 
  (MMcfd)                    23.8    27.1    (12.2)%      29.6        37.5      (21.1)% 
 - Average condensate 
  production (boepd)          51      48       6.3%        55          68       (19.1)% 
--------------------------  ------  ------  ---------  ----------  ----------  --------- 
 Hungary (boepd)              216     303    (28.7)%       203          -         100% 
 - Average gas production 
  (MMcfd)                     1.2     1.7    (29.4)%       1.1          -         100% 
 - Average condensate 
  production (boepd)          10      22     (54.5)%       14           -         100% 
--------------------------  ------  ------  ---------  ----------  ----------  --------- 
 

-- Average Group production for April 2017 was 7,800 boepd, a 7.2% month-on-month decrease and a 12.8% year-on-year decrease for the first four months of the year, largely due to a planned workover in Russia.

-- In Ukraine, gas production was stable as natural decline was offset by well EM53 on our Elyzavetivske field which came online on 22(nd) of April at 1.5 MMscf/d before stabilising at 1.3 MMscf/d on a 48/64(th) " choke. The well is currently being tested but should provide a material contribution to production in May. Oil production increases were mainly attributed to the removal of a blockage in M153 in the Movchanivske field. The well came online on the 7(th) April, having been offline for all of March, averaging 93 boepd for the remainder of the month.

-- In the Rudenkivske field, 6R had 17 metres of perforations added in the final days of April. Initial production has been encouraging with a rate of 8 MMscf/d on a 48/64(th) " choke with a WHP(3) of 1540 psig, before declining to 5.4 MMscf/d on the same choke with a WHP of 840 psig after 4 days. This well will make a sizable contribution to our May production volumes.

-- In Russia, gas production is lower due to the shut-in of Well 25 due to a planned workover. At the end of April there were delays in the workover due to a fire on the workover rig. The fire was limited to the rig itself and was promptly put out by the rig crew without any injuries. The rig operator is currently sourcing the replacement parts but despite the unplanned delay, we do not expect a material impact of this event on revenues and production. We will provide an update in the next month's production report.

(1) boepd - Barrels of oil equivalent per day

(2) MMcfd - Million cubic feet per day

(3) WHP - Well head pressure

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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May 16, 2017 02:00 ET (06:00 GMT)