11 Apr 2017 07:00
11 April 2017
JKX Oil & Gas plc
("JKX", the "Company" or the "Group")
March 2017 Monthly Production Report
| March 2017 | February 2017 | % Change | 3 months to March 2017 | 3 months to March 2016 | % Change |
Total production (boepd1) | 8,405 | 9,801 | (14.2)% | 9,436 | 10,249 | (7.9)% |
Ukraine (boepd) | 3,534 | 3,854 | (8.3)% | 3,917 | 3,891 | 0.7% |
- Average gas production (MMcfd2) | 17.3 | 19.0 | (8.9)% | 19.2 | 19.2 | 0.0% |
- Average oil and condensate production (boepd) | 650 | 682 | (4.7)% | 718 | 690 | 4.1% |
Russia (boepd) | 4,568 | 5,643 | (19.1)% | 5,320 | 6,357 | (16.3)% |
- Average gas production (MMcfd) | 27.1 | 33.5 | (19.1)% | 31.6 | 37.7 | (16.2)% |
- Average condensate production (boepd) | 48 | 59 | (18.6)% | 56 | 68 | (17.6)% |
Hungary (boepd) | 307 | 308 | (0.3)% | 199 | - | 100% |
- Average gas production (MMcfd) | 1.7 | 1.7 | 0.0% | 1.1 | - | 100% |
- Average condensate production (boepd) | 24 | 25 | (4.0)% | 15 | - | 100% |
· Average Group production for March 2017 was 8,405 boepd, a 14.2% month-on-month decrease. Production declines occurred in Ukraine and Russia, while Hungarian production remained stable.
· In Ukraine, gas and liquids production decreases against February were primarily driven by the decline of wells NN47 and NN16 at the Rudenkivske field. The monthly average production rate of NN47 declined from 2.4 to 1.1 MMcfd. NN16 declined from 0.8 to 0.5 MMcfd. Other production losses were attributed to M153, which was offline throughout March due a blockage, and resulted in a loss of 23 bpd of oil and 0.2 MMcfd of gas compared to the February monthly average.
· No production enhancements were carried out in March while preparation for a well stimulation program at the Rudenkovskoye field continues. We have signed a contract with Schlumberger to stimulate 11 wells with multiple zones in the second and third quarter of this year.
· In Russia, gas production is lower due to the preparation of Well 25 for a planned workover. This well contributed 10.1 MMcfd during February and was closed in for rig-up on the 5 March 2017. Increased production from other wells partly compensated the loss of Well 25.
1boepd - Barrels of oil equivalent per day
2MMcfd - Million cubic feet per day
3MD - Measured depth
4stb - standard tank barrel
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
Russell Hoare, Chief Financial 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