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Quarterly Operations Update

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RNS Number : 4115W
JKX Oil & Gas PLC
17 April 2019
 

 

17 April 2019

JKX Oil & Gas plc

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

Quarterly Operations Update

 

 

Highlights

 

  • Q1 2019 average daily production was 9,907 boepd, 11.6% greater than in Q4 2018.
  • March 2019 monthly production of 10,200 boepd, strongly supported by the IG103 side track that has averaged 1,598 boepd in Q1, is the highest monthly average Group production since June 2016.
  • $10.5m cash held at 31 March 2019, after payment of $5.3m principal and $0.7m interest to the convertible bondholders in February. In addition to cash we are holding oil and gas inventory of approximately $4.8m in value.
  • Both Ukraine and Russia continued to generate operational cash flow, although Ukrainian gas prices were 21.6% down compared to the previous quarter, allowing us to continue investing in the fields as planned.
  • In Ukraine the new well WM3 has been drilled to a total depth of 3,570m. The rig was released on 11 April, and perforating is planned within a week followed by testing.

 

 

Production

 

 

Q1

Q4

Q on Q % Change

1Q

1Q

Y on Y % Change

2019

2018

2019

2018

Total production, boepd

9,907

8,874

11.6%

9,907

8,749

13.2%

Ukraine, boepd

5,009

3,707

35.1%

5,009

3,396

47.5%

- Average gas production, Mcmd

709

515

37.6%

709

453

56.5%

- Average oil and condensate production, boepd

837

676

23.8%

837

738

13.4%

Russia, boepd

4,873

5,083

(4.1)%

4,873

5,263

(7.4)%

- Average gas production, Mcmd

819

854

(4.2)%

819

883

(7.4)%

- Average condensate production, boepd

56

56

0.2%

56

58

(3.2)%

Hungary, boepd

25

84

(70.2)%

25

90

(72.2)%

Prices realised

 

 

 

 

 

 

Ukraine

 

 

 

 

 

 

- Average gas price, $/Mcm

269

343

(21.6)%

269

280

(3.9)%

- Average oil price ($/bbl)

59

82

(28.0)%

59

72

(18.1)%

Russia

 

 

 

 

 

 

- Average gas price, $/Mcm

56

55

1.8%

56

65

(13.8)%

 

 

In Ukraine:

  • IG103 side track production continues to exceed expectations with current production at 1,449 boepd without a significant drop in pressure. To date the well has produced 171 kboe.
  • New well WM3 has been drilled to a total depth of 3,570m and a total of 21m of net hydrocarbon thickness has been determined from log interpretation, across three separate reservoir intervals.
  • Rig is currently relocating to drill new well NN81.
  • The 3D seismic survey of the West Mashivska field is complete and the data is currently being processed.

 

In Russia the Well 5 workover has resumed following the repair of the damaged drill pipe. Attempts to pull all 972m of the fish have so far been unsuccessful.  Operations are ongoing to recover as much as possible.

 

 

Rental fee claims

 

Claims issued by the Ukrainian tax authorities for additional rental fees are being contested through the Ukrainian court process.  There have not been any material changes in the status of any of the claims since the 2018 Annual Report was issued.

 

 

International arbitration award

In February 2019 JKX filed an application for the recognition and enforcement of an international arbitration award as described in the 2018 Annual Report.  Ukraine's Ministry of Justice has filed its objections.  Filings of both parties await court consideration.

 

 

 

 

 

 

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


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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