(Alliance News) - JKX Oil & Gas PLC on Wednesday reported a 13% quarter-on-quarter rise in third quarter total oil production, with Ukraine operations delivering its highest quarterly and year-to-date production since 2013.
For the three months to September 30, the exploration company's average production totalled 11,719 barrels of oil equivalent per day, up from 10,354 barrels in the second quarter of 2019. Year-to-date production increased 19% year-on-year to 10,668 barrels from 8,958 barrels.
The company's Ukraine operations delivered 16% quarter-on-quarter rise in total production to 6,217 boepd, with year-to-date production rising 51% to 5,535 boepd.
Average oil and condensate production jumped 23% quarter-on-quarter to 1,260 boepd, while gas production increased 14% to 842 million cubic metres a day.
The 26% rise in third-quarter Ukraine oil production was attributed to two new wells, NN81 and IG142, partly offset by a two day planned shutdown of the Novo-Nikolaevske production facility.
JKX Oil's Russian operations registered a 10% quarter-on-quarter jump in quarterly production to 5,502 boepd due to a new well being brought into production. Year-to-date production fell 1% to 5,125 boepd.
Third quarter condensate production at Russian operations rose 9% to 62 boepd and gas production increased 10% to 924 million cubic metres per day.
The company said third quarter average oil and condensate prices in Ukraine increased 5% quarter-on-quarter to USD63 per barrel, while gas prices fell 19% to USD175 per million cubic metres. In Russia, the company saw average gas prices rising 2% to USD58.
JKX Oil said it expects the final resolution of the remaining six 2015 rental fee claims cases, four of which are currently suspended, during 2019 and 2020. The fee claims were made by Ukrainian tax authorities which the company is contesting through Ukrainian courts.
JKX Oil shares were up 0.8% at 29.02 pence each in London on Wednesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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