JKX Oil & Gas PLC August 2017 Monthly Production Report (2971Q)

TIDMJKX

RNS Number : 2971Q

JKX Oil & Gas PLC

11 September 2017

11 September 2017

JKX Oil & Gas plc

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

August 2017 Monthly Production Report

 
                             August   July    % Change    8 months     8 months    % Change 
                              2017     2017               to August    to August 
                                                            2017         2016 
--------------------------  -------  ------  ---------  -----------  -----------  --------- 
 Total production 
  (boepd(1) )                9,146    8,474     7.9%       8,652        10,216     (15.3)% 
--------------------------  -------  ------  ---------  -----------  -----------  --------- 
 Ukraine (boepd)             3,293    3,447    (4.5)%      3,665        4,089      (10.4)% 
 - Average gas production 
  (MMcfd(2) )                 15.4    16.4     (6.1)%       17.7         18.9       (6.3)% 
 - Average oil and 
  condensate production 
  (boepd)                     721      720      0.1%        719          944       (23.8)% 
--------------------------  -------  ------  ---------  -----------  -----------  --------- 
 Russia (boepd)              5,747    4,949    16.1%       4,831        6,127      (21.2)% 
 - Average gas production 
  (MMcfd)                     34.1    29.4     16.0%        28.7         36.4      (21.2)% 
 - Average condensate 
  production (boepd)           65      55      18.2%         52           65       (20.0)% 
--------------------------  -------  ------  ---------  -----------  -----------  --------- 
 Hungary (boepd)              106      78      35.9%        156           -          100% 
 - Average gas production 
  (MMcfd)                     0.6      0.4     50.0%        0.9           -          100% 
 - Average condensate 
  production (boepd)           8        4      100.0%        10           -          100% 
--------------------------  -------  ------  ---------  -----------  -----------  --------- 
 

-- Average Group production for August 2017 was 9,146 boepd, a 7.9% month-on-month increase and a 15.3% year-on-year decrease for the first eight months of the year. The year-on-year decrease was largely due to the delayed workover of well 25 in Russia.

-- In Ukraine gas production was down by 1 MMscfd month-on-month mainly due to a drop in the monthly average gas production of 0.7 MMscf/d in NN22. The well was not flowing consistently and has been put on batch production.

-- In Russia, gas production was higher than in July due to increased contribution of Well 25. The well is currently producing at the rate of 10.3 MMscf/d. Well 27 was also acidized on the 5(th) August which contributed to the increase in gas production in August. We have also commenced the workover of Well 5.

-- In Hungary, gas production increased modestly through August after improvements were made to the water handling equipment and process.

   --     In August 2017, the Company paid the convertible bond interest of $1.1million. 

(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

   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

DRLLLFLSARIAIID

(END) Dow Jones Newswires

September 11, 2017 02:00 ET (06:00 GMT)