Share Name Share Symbol Market Type Share ISIN Share Description
Jkx Oil & Gas LSE:JKX London Ordinary Share GB0004697420 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  -2.75p -5.05% 51.75p 493,621 16:12:53
Bid Price Offer Price High Price Low Price Open Price
51.00p 52.50p 54.50p 50.50p 54.50p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 56.59 -11.88 -7.60 88.9

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Date Time Title Posts
21/3/201916:35JKX. Focused on Gas in and around the former Soviet Union1,968
06/2/201517:59JKX 20065,796
20/12/201210:05*** JKX ***9
08/10/200809:35JKX - over-valued132
13/10/200618:34JKX Oil & Gas - 20065

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JKX Oil & Gas (JKX) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-03-22 17:27:3551.9018,0009,342.00O
2019-03-22 17:15:0054.75204,640112,040.40O
2019-03-22 17:08:0251.755,0002,587.50O
2019-03-22 17:07:0851.0018,0009,180.00O
2019-03-22 16:27:5151.758,6314,466.53O
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JKX Oil & Gas Daily Update: Jkx Oil & Gas is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker JKX. The last closing price for JKX Oil & Gas was 54.50p.
Jkx Oil & Gas has a 4 week average price of 44.80p and a 12 week average price of 32.50p.
The 1 year high share price is 66p while the 1 year low share price is currently 20.70p.
There are currently 171,723,145 shares in issue and the average daily traded volume is 118,770 shares. The market capitalisation of Jkx Oil & Gas is £88,866,727.54.
s1zematters: Well that unrelated RPT news took 12p off the share price but normality seems to have returned and half has been claimed back. Results due i believe in the next two weeks, using logic and reason and the facts already in the open, they should be positive aimho.
montyville2: hxxps://
nicky21: Guys you really need to check out COPL currently to buy 0.55p. A potential to be a multi baggar.It tried its luck in Liberia but failed to find any Oil.It is now concentrating in Nigeria.There it has partnered with Shoreline a Nigerian company. Copl and Shoreline have ventured together and created a company called Shorecan which is owned 50/50 by both.They have bidded for a Licence and are awaiting Approval and Transfer of Asset. The asset is OPL 226.Five wells have been drilled on OPL 226 by previous operators.A well drilled in 2001 encountered Oil. When all approvals are sorted then it will drill an appraisal well on the discovery in 2001.Financing for the drilling is meant to be secured for rumours are true. What is holding the share price back presently is NNPC approval. $60m was spent on this asset by the previous operator.the potential for Copl is huge. I know most of you gonna say its another Nigerian scam.IMO i think it is not.Presently we have 2 Nigerian companies listed on the LSE they are Egland Oil and Gas (market cap £250m) and Seplat Petroleum (market cap £850m) Copl management wants it to be a mid tier oil and gas company ie £250m-£500m All to play for.Current market cap for Copl is just under £10m.I think its one of the best plays on the LSE.
walbrock82: JKX faces claims close to $37m in Ukraine and will have to raise external financing if they lose. But, market capitalisation is a low £24m and that could mean an opportunity. This oil producer not only suffers from the fall in oil price but is caught between a rock and a hard place because it has operations in Ukraine and Russia. The political fallout between these two countries is ongoing, along with economic and military uncertainties. It reports a fall of 6.1% in oil production from 9,146 boepd to 8,590 boepd. On a nine-month basis, JKX Oil and Gas have seen daily production fall to 8,645 from 10,155, 16% decline. Some good news It was able to restructure their $16m (£12m) bond payments to amortised over three years starting from February 2018. The company made bond interest of $1.1m. Their next bond payment of $6.9m is due in February 2018 and it is able to finance from cash flow. Legal dispute There is total of $37m in claims from the UKRAINE, an area that accounts for 35% of production with the hearing expected shortly. Some Historical Analysis Oil production remained at similar levels for some time, but the revenue for that oil has changed. Back in 2011/12, JKX produces oil production equivalent of 8,000 to 9,000 per day, but their revenue (in £ terms) fell from £148m in 2011 to £54.7m in 2016. In the past three years, it recorded annual net losses totalling £120m, whereas it made a £37m net profit in 2011. It has net borrowings of £2m, along with cutting their asset values down to £200m from £400m. Cash flow Net cash flow has declined dramatically from £80m to £12m. Meanwhile, capex is cut to £5.5m in 2016, although this will rise to maintain production level because depreciation and amortisation is £14m. Oil reserves 2P The company has 109m barrels of oils at the 2P level and 169.5m barrels at 3P level (though given the low price could mean uneconomical). The annual rate of production is equivalent to 3m-4m barrels per year. At current market capitalisation, you are getting $30m/109m, then the market is valuing JKX at $0.3 per barrel. Meanwhile, Tullow Oil is selling for $3 per barrel. Broker Forecast Stockdale securities have forecast a share price of 40p, a 280% share price appreciation. My thoughts The market capitalisation is nearly obliterated, falling from £540m in 2010 to £24m today, a 95% decline. If they lose the claims, then JKX would need to raise financing from shareholders and investors. It looks like a punt if you can stomach the tension between Ukraine and Russia. Therefore, I can’t value this business. But if they raise significant finance from shareholders (£50m) then I will be more confident about their prospect. If you want to read more about other companies’ analysis, those who have released updates and results today, then click
stonefold: Polygon Global Partners LLP reduced their net short from 0.57 to 0.49% on 07-02-2015. The short (was originally/maybe still is) to hedge their convertible bonds. So having read the arbitration result they are not expecting the share price to fall much in the near future? Looking at cash flow, JKX should have enough to pay the Bond interest later this month and the bond repayment + interest February 2018. If there was a requirement to pay either or both of the two court case in the next 12 months, that would be interesting. Might have to sell the Russian assets. However production has been increasing: Ukraine natural gas production was up 7.1% to 16.51 cu M for the month of January. Then well NN47 is being put on to production at about 11.5 mm cu ft d Well NN16 work over = ? Hungary well HN-2st due to go into production early February at 1.8 mm cu ft d So possible 70% increase in gas production. Combine with the improvement in production taxes, there could be enough profit to cover the court debt ( if payments were made in stages ). It could soon be clear of all debt (bonds and any court) and have a more relaxed share price. Bit like a fat swan on the opposite side of a lake - the ingredients are there for a take off and flight - but keep an eye on its progress.
glavey: So the new board want holders to vote through the same remuneration policy put in place by the old guard which saw them well rewarded whilst the share price collapsed and holders lost 95% of the value of their investment. And those 'independent directors' seem rather close... What next? A sheaf of nil-cost options perhaps? Plus ça change, plus c'est la même chose.
stonefold: In the next month or two. As the AGM is due soon = 28th June, and the $180 M arbitration hearing is expected to occur in July, and there was mention of talks between JKX and Ukraine Gov to attempt to resolve matters I thought I would have a wild guess at possible outcomes. After adjusting for current cash, including possible early repayment Feb 2017 of the bonds, assuming that any increase in CapEx is met by the slight (but IMHO expected) increase in oil and gas prices over the next year. Then approx. £9.5M of the current market cap of £36.85 M is IMO due to the expectation that the Ukraine Gov will pay £9.5M to settle all the tax issues. That is to say that if all the court cases and arbitration case were to reach their conclusions, it would result in a net payment to JKX of approx £9.5M. But that this payment is already factored into the current share price of 21p. It would be quicker and avoid legal costs if an out of court settlement were reached and payment were made by a tax credit or tax bond. If the worst case occurs then JKX lose all court and arbitration cases and would be forced to sell up everything to try to cover the debts giving a share price of zero. In the best case, then replace the net payment to JKX of £9.5M with one of £126.7M to give (eventually) a Market cap of £154M, which results in the share price of 87p. Plus possibly some additional amount if damages or interest are awarded. The economic conditions in Ukraine are steady and improving for instance ForEx controls are being lifted, including soon the lifting of restictions to transfer funds from Ukrainian to UK banks.
stonefold: It is in my opinion a touch disingenuous of PCG to point to a five year shareprice decline with the implication that it is mainly due to the management of JKX. The shareprice was well into its fall when Proxima Capital Group Inc. were founded in 2013. And it was lower still when PCG first became shareholders in JKX on 05-03-2015. Looking at the 10 year chart it is clear in my opinion that the strong rise in the shareprice was due mainly to the stake building by Eclairs Group Limited and Glengary Overseas Limited. Combined with respectable exploration and production activity, plus firm long term price expectations for the oil and gas sector. Once Eclairs and Glengary = (Mr Igor Kolomoisky + Mr Gennady Bogolyubov + Mr Alexander Zhukov + Mr Oleksandr Ratskevych) stopped buying shares in JKX the long term down trend started. Perhaps the uncertainty as to whether Mr Kolomoisky intended to do the same to JKX as happened to Ukrnafta contributes. This down trend was later assisted by the bursting of the “China growth Dragon” – slump in price of oil/gas – Russian hostilities – Inexperienced Ukrainian coalition government teetering around the plughole of economic collapse – uncertainty as to whether sufficient cash can be generated to deal with a possible early repayment demand of JKX’s loan notes each February. I suspect PCG are hoping to profit from a refinancing plan to replace the loan notes when JKX are seen as weak and having little alternative. Any company could do things better with different decisions/management. For instance PCG should have bought shares in JKX when they were cheap. Instead they behaved in a clumsy and unprofessional way (imo) by releasing an RNS on 05-02-2015. It was not PCG’s responsibility to make comments about movements in JKX’s shareprice – that role belongs to the company concerned i.e. JKX. As a result PCG later bought at a price made higher by their own take/over rumour. If PCG were serious about taking over JKX then they would have talked to JKX - something they seemed to have failed to do. In PCG’s short history they have advised on four deals regarding (Russian I think) telecoms companies. There is as yet nothing that they can show to demonstrate that they could manage an oil and gas company better than the current JKX management. ---------------- 05-02-2015 RNS “……….Possible offer for JKX Oil & Gas plc Proxima Capital Group Inc ("PCG") notes the recent share price movement of JKX Oil & Gas plc and confirms that it is currently in the very early stages of considering a potential offer for JKX Oil & Gas plc. There can be no certainty that a firm offer will be made nor as to the terms on which any offer might be made. PCG intends to approach the Board of JKX Oil & Gas to discuss its proposals. ……” ---------------- 05-02-2015 RNS “….The Board of JKX has noted the recent announcement by PCG that it is in the very early stages of considering a potential offer for JKX. No approach has been made to the Board of JKX…….” --------- 19-02-2015 RNS Proxima Capital Group Inc Holding in JKX as of 18-02-2015 = Nil --------- 19-02-2015 RNS “…..Following further considerations, PCG hereby announces that it does not intend to make an offer for the Company……” ----------- 19-02-2015 RNS “…….The Board of JKX has noted that Proxima, which announced on 5 February 2015 that it was in the early stages of considering a potential offer for JKX, has now announced that it does not intend to proceed. The Board confirms that at no stage has any approach whatsoever been made to the Board of JKX by Proxima. ……….” ------------ 06-03-2015 RNS Proxima Capital Group Inc Holding in JKX as of 05-03-2015 = 21,531,889 ------------ 23-03-2015 RNS Proxima Capital Group Inc Holding in JKX as of 23-03-2015 = 22,587,125 ------------ 27-05-2015 RNS Proxima Capital Group Inc Holding in JKX as of 2705-2015 = 34,288,253 ------------ 11-01-2016 Looks like 58% maybe intending to vote for a change of management. Http:// “………Eclairs Group supports the initiative on change management JKX Eclairs Group Igor Kolomoisky and Gennady Bogolyubov, which is the largest shareholder of the oil and gas company JKX, supports the initiative of another shareholder - Russian Proxima Capital Group on change management JKX, said the agency "Interfax-Ukraine" director Michael Bakunenko Eclairs. "We support the shift of the Board JKX, but I can not yet say anything regarding the proposed Proxima candidates: we have just received today, more detailed resume before January 28 (date meeting of shareholders JKX - IF) of their study, and will be ready ... the idea of change management we support because in recent years the company has not changed ", - he said. M.Bakunenko added that Eclairs not surprise statement Proxima and its public debate with the current leadership of JKX. "If you look at the position of Eclairs, voiced several years ago, there are the same things that bother Proxima. It was only a matter of time when someone else from among the shareholders will raise the same questions," - said the director of Eclairs. According M.Bakunenko, management JKX operates, "to put it mildly, strange." In addition, Eclairs fear that the board JKX will try again to block their participation in the meeting, as it has happened before. As reported, JKX Oil & Gas Plc with assets in Ukraine will hold a shareholders meeting on January 28 at the suggestion of one of its shareholders - Russia's Proxima Capital Group (PCG, founded by former vice-president of Alfa Bank, Vladimir Tatarchuk). Proxima Capital Group proposes to appoint directors Paul Ostling (Paul Ostling, ex-manager of Ernst & Young and current board member of the "BRIC"), Tom Reed (Tom Reed) and Russell Hoare (Russell Hoare). According to Proxima current management JKX operates inefficiently. In turn, the board considers the actions JKX Proxima attempt to gain control over JKX without fair payment for it. The largest shareholders are Eclairs Group Igor Kolomoisky and Gennady Bogolyubov - 27.54% shares, Glengary Overseas Limited Alexander Zhukov - 11.45% of shares. In addition, the Russian Proxima Capital Group owns a 19.92% stake in JKX. …………”
pessimizer: Just seen this Proxima Requisitions General Meeting to restore value at JKX London, 11th December 2015. Proxima Capital Group ("Proxima" or "PCG"), the independent investment firm, and the beneficial owner of 19.92% of the share capital of JKX Oil & Gas plc ("JKX" or "the company"), has delivered a requisition to JKX to call a general meeting ("GM") to give shareholders the opportunity to vote on a new direction for the company. Details of our requisition, which we have not yet discussed with any other shareholders, are set out below. We will be writing a letter to shareholders of JKX in due course to set out further details of our turnaround proposal, and we look forward to communicating with them and other stakeholders about our strategy to save the company, and to gather additional views on how we can restore JKX to profit and growth. Our requisition proposes that the Board is reduced in size from nine to seven members, with all four executive members of the Board replaced along with three of the non-executive directors, Lord Oxford, Mr Nigel Moore and Mr Dipesh Shah. PCG has proposed the following candidates, all of whom are wholly independent of PCG, to be appointed to the board in the following capacities: • Paul Ostling, to be chairman. Former global COO of Ernst & Young, extensive board experience on international blue-chips in the UK, US and Russia. • Tom Reed, to be CEO. Over 20 years of business and energy experience in the region. • Russell Hoare, to be CFO. Qualified UK Chartered Accountant. Over 15 years' experience of Russia, Ukraine and CIS. PCG has also proposed two candidates to represent it on the board: • Vladimir Tatarchuk, CEO PCG. Nearly 20 years' experience in finance sector in Russia and Ukraine, including senior positions at Alfa Bank and Deputy Chairman of VTB Bank • Vladimir Rusinov, Managing Director PCG. 20 years' in investment banking in the global and CIS oil & gas sector with Goldman Sachs, Merrill Lynch, ABN AMRO and Renaissance Capital Commenting on the announcement, Vladimir Tatarchuk, the CEO of PCG, said, "We are asking the shareholders of JKX to act now to save their company. The current JKX management have had their chance to demonstrate their ability to run the company properly and to realise its true value. Yet despite numerous promises of improvement, they have continually failed to do so. They have rebuffed our offers of greater engagement and the benefit of our expertise. The time has come for the company to be given fresh direction by a new independent and professional leadership team, which is ready to roll up its sleeves on the ground, to stop the destruction of value and to rebuild the company for the benefit of all shareholders. In the coming weeks, we look forward to communicating our key proposals for turning the company around, and opening up a constructive dialogue around the company's future with all stakeholders." Paul Ostling, PCG's nomination for independent non-executive chairman, added, "JKX's share price has fallen by over 90% over the past five years and it has underperformed against virtually all its peers. The poor performance cannot solely be explained away by the fall in oil price or the geopolitical situation. In fact there has been a seemingly irreparable breakdown in the relationships between the company and all of its key stakeholder groups. It would appear that the time has come to change the management team and ensure it is better equipped to restore value and to meet the challenges ahead." Tom Reed, PCG's nomination for CEO, said, "The company seems to have spent large amounts of money for scant return and appears to have missed every significant target it has set itself. It is clear that there now needs to be a thorough review of operations, a renewed focus on core assets and a prioritization of relationships with the relevant local authorities and key stakeholders by a new leadership team."
peter27: "Out of interest, am I right in thinking that if a merger did take place, then jkx share prices take on that of the new company and, would (generally) be greater / higher value than the company that merged with them?" imho - it all depends. the corporate world is littered with mergers that destroyed value or takeovers that led to write-downs. The biggest example is AOL Time Warner but recently more close to home BHP Billiton wrote off zillions after the shale gas price collapse having bought assets at the top of the market. Close Brothers wrote off £50m off Mako after a fall in the market. With research I can give you many others. I don't hold any JKX shares having sold at just under 200 when Bruce, the former finance director, resigned in order to move on. Whilst a shareholder I went to a number of AGMs and eventually came to the conclusion that this is a 'jam tomorrow' company. As far as I can see it is simply operating in order to pay the taxes which the Ukrainians increased to such an extent that they are slowly killing the golden goose. They used to pay a healthy dividend and it seems astonishing that I first bought into this company in 2006 at 332 and watched them go over 500. Stopping the dividend was to my mind the real killer for future investment. If they restored it I might think again but until then I will stay out. DYOR
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