(Alliance News) - JKX Oil & Gas PLC will be debt free imminently, it said on Thursday, as production in Ukraine surges.
Production in Ukraine rose 52% in 2019 on the year before to 5,584 barrels of oil equivalent per day, with Russia flat at 5,158 barrels. Overall, output rose 20% to 10,748 barrels.
JKX invested over USD26 million of capital expenditure into operations in 2019, mostly in Ukraine, and said this was fully covered by cash flow despite lower gas prices in Ukraine.
It had USD20.5 million of cash and cash equivalents at the end of 2019, and added it is on track to be debt free by February.
London-based JKX shares were 12% higher in morning trade on the London market at a price of 27.00 pence each.
JKX has been fighting a tax dispute in Ukraine during the year, and won a ruling in the Supreme Court in July. It was awarded USD11.8 million, and it has filed for an enforcement of that award.
By George Collard; georgecollard@alliancenews.com
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