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JKX Oil & Gas PLC - JKX becomes debt free and an executive change

RNS Number : 5025D
JKX Oil & Gas PLC
20 February 2020
 

 

20 February 2020

JKX Oil & Gas plc

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

JKX becomes debt free and an executive change

 

JKX Becomes Debt free:

 

JKX has made the final payment of $5,820,800.00 under the terms of its 2013 Guaranteed Unsubordinated Convertible Bonds ("the Bonds"), consisting of principal repayment of  $5,440,000 and accrued interest payment of $380,800.00.  Following these payments the Bonds are fully redeemed and the Group is now debt free for the first time in ten years.

 

Mr. Charles Valceschini, Chairman of the Company, said "This is a major milestone for the Company, removing a substantial capital and interest commitment and significantly improving the Company's financial resilience."

 

Executive Change:

 

Ben Fraser, Group CFO, has decided to leave the Company and pursue opportunities outside the upstream oil and gas sector.  This will take effect on 31st March 2020 following the approval and issue of the 2019 Annual Report and Accounts.

 

Ben will hand over his responsibilities to Dmitry Poddubniy, who acted as Group CFO during 2017. Dmitry has extensive experience in the oil and gas sector and has acted as deputy CFO and CFO of Poltava Petroleum Company, JKX's major operating subsidiary, for the last 15 years. 

 

Mr. Victor Gladun, Group CEO, said "Ben leaves the Company debt free and returned to profit. I would like to thank Ben for his hard work and commitment and I wish him well in the future. I look forward to working with Dmitry in his new role to which he will bring his substantial financial, assurance and organisational experience. "

 

 

 

 

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                              +44 (0) 20 7323 4464

Ben Fraser, CFO

 

 

EM Communications                         +44 (0) 20 7002 7860

Stuart Leasor, Jeroen van de Crommenacker

 

 

 

 

 


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Quick facts: JKX Oil & Gas PLC

Price: 18.6

Market: LSE
Market Cap: £31.94 m
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