Ref RNS13 Dec 2016 14:33
Tom Reed, CEO of JKX, commented, "We welcome this initiative by the Government of Ukraine which aims to make Ukraine's gas sector an attractive destination for investors and stimulate gas production in order to realize the strategic goal of energy independence by 2020. There are a number of stages still to go in the process, but if passed, the new law will have a material impact on the Group's plans for investment in Ukraine and, specifically, on the implementation of the field development plan for the Rudenkivske gas field."
As announced by the Company on 21 September in the Operational Update, JKX's revised Ukrainian field development plans show that Rudenkivske has the potential to recover up to 600 billion cubic feet of gas over the field's lifetime with plateau production reaching 110 million standard cubic feet per day (18,300 barrels of oil equivalent per day) and will require a total investment of approximately US$660 million.