5 Jun 2013 11:30
JKX OIL & GAS plc ("JKX" or the "Company")
AGM Trading Statement
At the Annual General Meeting held today, Nigel Moore, Chairman of JKX Oil & Gas ("JKX" or the "Company"), made the following statement to shareholders in relation to current trading:
"Your Company faced significant challenges in 2012 with declining production in Ukraine, production delays in Russia, and reduced liquidity resulting from retirement of short-term debt. I am pleased to report that these difficulties were successfully overcome and that we have progressed into 2013 with rising Ukrainian production, full plant capacity in Russia and exciting development programmes in both Ukraine and Russia following the successful placing of $40 million of convertible bonds in January of this year.
"Development drilling in Ukraine has recommenced and the new Elizavetovskoye project is advancing on-schedule. Finally, we expect to announce the preliminary results from our large Rudenkovskoye multi-frac in the third quarter of the year."
Ends
For further information please contact:
Cardew Group T: 020 7930 0777
Anthony Cardew / Nadja Vetter / Lauren Foster