17th Apr 2019 12:15
LONDON (Alliance News) - JKX Oil & Gas PLC said Wednesday it saw a double-digit growth in average first quarter production as Ukrainian assets continue to perform ahead of expectations.
The company's total average production across its three operations - Ukraine, Russia and Hungary - in the three months to March 31 was 9,907 barrels of oil per day, up 13% from 8,749 barrels of oil daily in the same period last year. First quarter production was 12% higher than 8,874 barrels of oil a day produced in the final quarter of 2018.
In Ukraine, output rose by 48% during the period to 5,009 barrels of oil per day, as IG103 side track production continued to exceed expectations, JKX said.
New well WM3 has been drilled in Ukraine to a total depth of 3,570 meters and a total of 21 meters of net hydrocarbon thickness has been determined from log interpretation, across three separate reservoir intervals. The rig was released on Thursday last week, and perforating is planned within a week followed by testing, the company said.
In Russia, first quarter 2019 production declines, however, by 7.4% to 4,873 barrels of oil per day. JKX said the Well 5 workover has resumed following the repair of the damaged drill pipe.
The company is in the process of divesting its Hungary assets, it said, with production falling to 25 barrels of oil daily in the first quarter from 90 barrels of oil a day the year earlier.
Shares in JKX were trading 2.9% higher at 53.52 pence each on Wednesday.
Related Shares:
JKX.L