London, October 9, 2019 – JKX Oil & Gas plc (Group) published the results for the 3 quarters of 2019 on the London Stock Exchange (LSE) website.
For the period from January to September 2019, the Group increased hydrocarbon production by 13%.
For the period of 9 months of operation, JV Poltava Petroleum Company (JV PPC), a subsidiary of JKX, has increased its hydrocarbon production by 51%. Natural gas production growth amounted to 55%, amounting to 765 thousands m3 per day. In the third quarter, the company showed an increase in oil and condensate production, which is the largest indicator of quarterly and annual production growth since 2013. Thus, oil and condensate production increased by 26% compared to the second quarter of 2019 due to the drilling of wells #81 of Novomykolaivske field and #142 of Ignatovske field. As a result of 9 months, oil and condensate production increased by 33% compared to last year and is 1,033 barrels of oil equivalent per day.
The volume of capital investment in the fields remains at the planned level, despite the fall in gas prices in Ukraine – is stated in the announcement on the LSE website. The JV PPC continues drilling of the well #4 in the West Mashivske field, as well as the side track #101 in the Rudenkivske field. As of September 30, JV PPC stored 54 million m3 of gas in the underground storage.
It is reminded that in August 2019, JV PPC increased gas production by 71%. In September 2019, the JKX Board of Directors appointed Victor Gladun as Group CEO.
JV “Poltava Petroleum Company” is a joint Ukrainian-British venture that was founded in 1994. JV PPC is one of the leaders among the non-state oil and gas producers in Ukraine. The Company’s scope of activities includes exploration, production and processing of oil and gas.
JV PPC is a 100% subsidiary of the JKX Oil & Gas plc, a publicly listed company on the London Stock Exchange since 1995.
The minority shareholders of the Group are Eclairs Group Limited – 27.47%, Cascade Investment Fund – 19.97%, Neptune Invest & Finance Corp. – 12.98%, Keyhall Holding Ltd – 11.45%, Interneft Ltd – 6.16%.