13 Feb 2013 07:00
6 Cavendish Square, London W1G 0PD, England, UK
Tel: +44 (0)20 7323 4464, Fax: +44 (0)20 7323 5258
Web site: http://www.jkx.co.uk
13 February 2013
JKX OIL & GAS plc ("JKX")
Ukraine LPG Plant Upgrade
JKX Oil & Gas plc ("JKX") is pleased to announce that the equipment for the upgrade of its LPG plant at the Novo-Nikolaevskoye Complex in Ukraine has shipped from the construction yard in Alberta, Canada. Commissioning of the new equipment is expected in May 2013.
The additional equipment will enable Poltava Petroleum Company ("PPC"), JKX's wholly owned subsidiary, to enhance the recovery of propane and deliver an overall 15% increase in LPG production with a commensurate increase in revenue. The total LPG yield at today's average gas composition will increase from approximately 1.94 tonnes/MMcf of gas produced to approximately 2.23 tonnes/MMcf.
Since commissioning its LPG plant in May 2011, PPC has continued to deliver into a competitive Ukrainian commercial market with realisations strengthening to over $1,000/ton.
JKX Chief Executive, Dr Paul Davies, commented:
"Implementing this upgrade demonstrates our continuing commitment to enhancing the PPC Novo-Nikolaevskoye plant to maximise revenue from the product stream."
JKX is an exploration and production company listed on the London Stock Exchange. The Company has licence interests in Ukraine, Russia, Hungary, Slovakia and Bulgaria.
ENDS
For further information please contact:
Nadja Vetter/Alexandra Stoneham, Cardew Group 020 7930 0777