JKX Oil & Gas PLC Quarterly Production and Operations Update (8625K)

TIDMJKX

RNS Number : 8625K

JKX Oil & Gas PLC

13 April 2018

13 April 2018

JKX Oil & Gas plc

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

Quarterly Production and Operations Update

 
                                                  Q on                      Y on 
                                                   Q %                       Y % 
                                  1Q      4Q      Change    1Q      1Q      Change 
                                 2018    2017              2018    2017 
 Total production (boepd(1) 
  )                              8,749   8,697    0.6%     8,749   9,436   (7.3)% 
 Ukraine (boepd)                 3,396   3,243    4.7%     3,396   3,917   (13.3)% 
 - Average gas production 
  (MMcfd(2) )                    16.0     15      6.7%     16.0    19.2    (16.7)% 
 - Average oil and condensate 
  production (boepd)              738     742    (0.5)%     738     718     2.8% 
 Russia (boepd)                  5,263   5,362   (1.8)%    5,263   5,320   (1.1)% 
 - Average gas production 
  (MMcfd)                        31.2    31.8    (1.9)%    31.2    31.6    (1.3)% 
 - Average condensate 
  production (boepd)              58      61     (4.9)%     58      56      3.6% 
 Hungary (boepd)                  90      92     (2.2)%     90      199    (54.8)% 
 - Average gas production 
  (MMcfd)                        0.47    0.48    (2.1)%    0.47     1.1    (57.3)% 
 - Average condensate 
  production (boepd)               9      12     (25.0)%     9      12     (26.2)% 
 

-- Average Group production for the first quarter of 2018 was 8,749 boepd, 0.6% higher than in the last quarter of 2017 but 7.3% lower than in the first quarter of 2017.

-- In Ukraine, gas production in the first quarter of 2018 was 16.7% lower than in the first quarter of 2017, largely due to natural decline, but 6.7% higher than in the last quarter of 2018. The increase compared to the previous quarter has resulted from the production enhancement program started in late 2017. Well M158 ST was drilled to TD and evaluation of data and completion operations will be finalised in the second quarter. Work on the production enhancement program, including workovers of state owned wells, is continuing including drilling of the infill well E308 at the Elyzavetivske field in the second quarter of 2018.

-- In Russia, production has remained relatively stable compared to both the first and fourth quarters of 2017. Natural decline was kept to a minimum as Well 25 and Well 27 were successfully acidized during the first week of February.

-- In Central Europe, the process of divesting the Company's Hungary assets is currently ongoing. Meanwhile, the company has now relinquished its 25% stake in four exploration licenses in Slovakia.

-- JKX has made a scheduled payment to bondholders of $6.9 million in February 2018, reducing the outstanding principal amount from $16.0 million to $10.7 million.

(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] 

Ben Fraser, CFO

   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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April 13, 2018 06:00 ET (10:00 GMT)