11 Sep 2017 07:00
11 September 2017
JKX Oil & Gas plc
("JKX", the "Company" or the "Group")
August 2017 Monthly Production Report
| August 2017 | July 2017 | % Change | 8 months to August 2017 | 8 months to August 2016 | % Change |
Total production (boepd1) | 9,146 | 8,474 | 7.9% | 8,652 | 10,216 | (15.3)% |
Ukraine (boepd) | 3,293 | 3,447 | (4.5)% | 3,665 | 4,089 | (10.4)% |
- Average gas production (MMcfd2) | 15.4 | 16.4 | (6.1)% | 17.7 | 18.9 | (6.3)% |
- Average oil and condensate production (boepd) | 721 | 720 | 0.1% | 719 | 944 | (23.8)% |
Russia (boepd) | 5,747 | 4,949 | 16.1% | 4,831 | 6,127 | (21.2)% |
- Average gas production (MMcfd) | 34.1 | 29.4 | 16.0% | 28.7 | 36.4 | (21.2)% |
- Average condensate production (boepd) | 65 | 55 | 18.2% | 52 | 65 | (20.0)% |
Hungary (boepd) | 106 | 78 | 35.9% | 156 | - | 100% |
- Average gas production (MMcfd) | 0.6 | 0.4 | 50.0% | 0.9 | - | 100% |
- Average condensate production (boepd) | 8 | 4 | 100.0% | 10 | - | 100% |
· Average Group production for August 2017 was 9,146 boepd, a 7.9% month-on-month increase and a 15.3% year-on-year decrease for the first eight months of the year. The year-on-year decrease was largely due to the delayed workover of well 25 in Russia.
· In Ukraine gas production was down by 1 MMscfd month-on-month mainly due to a drop in the monthly average gas production of 0.7 MMscf/d in NN22. The well was not flowing consistently and has been put on batch production.
· In Russia, gas production was higher than in July due to increased contribution of Well 25. The well is currently producing at the rate of 10.3 MMscf/d. Well 27 was also acidized on the 5th August which contributed to the increase in gas production in August. We have also commenced the workover of Well 5.
· In Hungary, gas production increased modestly through August after improvements were made to the water handling equipment and process.
· In August 2017, the Company paid the convertible bond interest of $1.1million.
1boepd - Barrels of oil equivalent per day
2MMcfd - Million cubic feet per day
This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation.
ENDS
JKX Oil & Gas plc +44 (0) 20 7323 4464
Victor Gladun, Acting Chief Executive Officer
Stockdale Securities +44 (0) 20 7601 6100
Robert Finlay, Daniel Harris
EM Communications +44 (0) 20 3709 5711
Stuart Leasor, Jeroen van de Crommenacker