14 Nov 2017 07:00
14 November 2017
JKX Oil & Gas plc
("JKX", the "Company" or the "Group")
October 2017 Monthly Production Report
| October 2017 | September 2017 | % Change | 10 months to October 2017 | 10 months to October 2016 | % Change |
Total production (boepd1) | 8,807 | 8,590 | 2.5% | 8,662 | 10,130 | (14.5)% |
Ukraine (boepd) | 3,283 | 3,029 | 8.4% | 3,563 | 4,008 | (11.1)% |
- Average gas production (MMcfd2) | 15.1 | 14.3 | 5.6% | 16.2 | 18.5 | (12.4)% |
- Average oil and condensate production (boepd) | 763 | 646 | 18.1% | 640 | 925 | (30.8)% |
Russia (boepd) | 5,502 | 5,501 | 0.0% | 4,966 | 6,122 | (18.9)% |
- Average gas production (MMcfd) | 32.6 | 32.6 | 0.0% | 29.5 | 36.3 | (18.7)% |
- Average condensate production (boepd) | 65 | 63 | 3.2% | 55 | 65 | (15.4)% |
Hungary (boepd) | 23 | 60 | (61.7)% | 133 | - | 100% |
- Average gas production (MMcfd) | 0.1 | 0.3 | (66.7)% | 0.7 | - | 100% |
- Average condensate production (boepd) | 2 | 5 | (60.0)% | 9 | - | 100% |
· Average Group production for October 2017 was 8,807 boepd, a 2.5% month-on-month increase and a 14.5% year-on-year decrease for the first ten months of the year. The year-on-year decrease was largely due to the delayed workover of well 25 in Russia and natural production decline in Ukraine and Hungary.
· In Ukraine, gas production was up by 0.8 MMscf/d while oil production was up by 117 boepd compared to the previous month. This was in part due to the Novonik gas plant shut-down in September for regular maintenance. Optimization of gas compression also contributed to the increase. In addition, following a successful workover, production from M153 increased from 26 to 130 boepd.
· In Russia, gas production remained constant. While the Well 5 workover has experienced delays, we now expect production to re-start in December 2017.
· In Hungary, the workover of Hn-1 is now complete and the well started producing on 25 October. It is currently producing at the rate of 0.7 MMcfd of gas and 12 boepd of condensate. Prior to Hn-1 workover the Hn-2ST well had been shut in on September 26. October production data reflects the monthly average of seven days' production from Hn-1.
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
EM Communications +44 (0) 20 3709 5711
Stuart Leasor, Jeroen van de Crommenacker