(Alliance News) - JKX Oil & Gas PLC on Wednesday reported a rise in both profit and revenue for the first half of 2019, helped by increased production.
Revenue for the period rose 6.8% to USD45.3 million, as average daily production improved 16% - reported earlier July - to 10,132 barrels of oil equivalent per day.
Pretax profit almost doubled, to USD6.0 million from USD3.3 million.
"Given the significantly lower gas sales price in Ukraine, and the fact the level of gas held in inventory has substantially increased in the first half of the year, our higher production volumes have been critical in delivering this higher revenue," said JKX.
"Our production rate has grown as a result of continued investment in our fields in accordance with the development plans we set out in the 2018 annual report. Operationally it has been a successful first half of the year."
Looking ahead, JKX said the solid first half performance means it is confident on further progress in 2019. Shares were 3.7% lower on Wednesday at 39.00 pence each.