5th Oct 2018 10:34
LONDON (Alliance News) - JKX Oil & Gas PLC on Friday said total oil & gas production rose slightly in the first nine months of its current financial year, helped by substantial improvements in Ukraine in the second quarter.
The group said average production for the three months to the end of September was 9,411 barrels of oil equivalent per day, a 8.1% quarter-on-quarter rise from 8,707 barrels and a 3.6% year-on-year growth.
In the nine months to September, JKX's average total production was 8,958 barrels of oil equivalent per day, up from 8,645 barrels produced in the same period the year before.
Russian gas production was 5.7% higher quarter-on-quarter at 31.5 million cubic feet per day compared to 29.8 million cubic feet daily, as a result of successful acid jobs on wells 25 and 27 in the first week of July.
The company said the contracted rig for the well workover programme in Russia with the start of the well 5 workover expected towards the end of the fourth quarter.
In Ukraine, JKX said oil production increased, thanks to the continuing production from R3 well in in the Rudenkivske license area, completed in the second quarter. As a result, the company saw a rise in oil production by 12% quarter-on-quarter. Meanwhile, gas production was also up by 16% to 19.4 million cubic feet daily from 16.7 million reported in the second quarter.
Looking forward, JKX Oil & Gas said it initiated a tender process to find a suitable drilling rig to carry out the drilling planned in the near future, starting with a new well on the West Mashivske field in Ukraine.
Shares in JKX Oil & Gas were trading 2.2% higher on Friday at 41.4.00 pence each.
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