LONDON (Alliance News) - JKX Oil & Gas PLC on Thursday said total oil & gas production rose slightly in the first half of its current financial year despite dropping moderately in the second quarter.
The group said average production for the three months to the end of June was 8,707 barrels of oil equivalent per day, a 0.5% quarter-on-quarter decrease from 8,749, but a 1.5% year-on-year growth.
In the six months to June, JKX's average total production was 8,728 barrels of oil equivalent per day, up from 8,598 barrels in the same period the year before.
Russian gas production was 11% higher year-on-year at 30.5 million cubic feet per day compared to 27.6 million cubic feet daily, due to well 25 having been offline in the first half of 2017.
In Ukraine, JKX said oil production increased primarily due to two successful electrical submersible pump installations, resulting in a rise in production by 7.5% year-on-year. Meanwhile gas production declined by 11% to 16.3 million cubic feet daily from 18.3 million reported a year ago.
Quarter-on-quarter production of gas and oil was 4.4% and 9.1% higher, respectively, due to the production enhancement programme started in late 2017.
Looking forward, JKX Oil & Gas said it plans to increase gas production in Russia by acidizing wells 25 and 27 later in July. In Ukraine, the company plans well workover in the Rudenkivske license area in the third quarter of 2018.
Shares in JKX Oil & Gas were trading 3.3% higher on Thursday at 31.00 pence each.