JKX 10% Stake in Ukrnafteburenie4 Aug 2020 11:04
Ukrnafteburenie announced production results for 6 months of 2020
News / 07/29/2020
For 6 months of 2020 the company PJSC "DK" Ukrnefteburenie "produced 381.8 million m 3 of natural gas, which is 8% more than in the same period of the previous year (353.5 million m 3 ). The volume of oil and condensate production was comparable to the level of 2019 and amounted to 43.7 thousand tons.
In general, the production of gas Sakhalin field for 6 months 2020 totaled 441.9 mio m 3 , oil and condensate - 46.5 tons.
UNB SHAREHOLDER BASE
The largest shareholders of Ukrnaftoburinnya are Deripon Comercial Ltd. (Cyprus) - 44.989%, registered at the same address in London "Ares Systems Ltd." (Great Britain) and Ariana Business Limited - 22.4996% each, as well as JKX Ukraine BV - 10%. People's Deputy Vitaly Khomutynnik told Novoye Vremya in August 2016 that he owns Deripon Commercial Ltd. on a parity basis with Igor Kolomoisky.
MICHAEL BAKUNENKO, NON EXECUTIVE DIRECTOR JKX
Michael Bakunenko is an Executive Chairman of the Board at PJSC Ukrnaftoburinnya, the third largest private oil and gas E&P Company in Ukraine since September 2015. From 2011 to 2015 Mr. Bakunenko was Deputy Board Chairman, Director of Corporate Development and Strategy at PJSC Ukrnafta, the largest oil company in Ukraine. Prior to this Mr. Bakunenko worked for 8 years in the investment banking industry, notably at Goldman Sachs in New York and Renaissance Capital in Moscow and Kiev.
Mr. Bakunenko holds a Bachelor’s degree from Lehigh University and Master’s degree from Columbia University.
JKX SHAREHOLDERS
The free float is also low with only 22% of the shares in public hands. The shareholder register shows that Ukrainian oligarchs (or their vehicles) own a significant percentage of the company. A risk would be that they may attempt to take the company private should the share price languish BUT more positively the oligarchs and JKX, via a 10% stake, are also involved with Ukrnaftoburinnya ‘UNB’ which is growing quickly. Were UNB interested in floating they may consider an RTO of JKX which could materially re-rate the share price.