16 Dec 2019 07:00
16 December 2019
JKX Oil & Gas plc
("JKX", the "Company" or the "Group")
Update
Russia:
Well 18 workover and sidetrack has been completed on the Koshekhablskoye field in Russia. Current production is 222 Mcmd of gas and 9 bpd of condensate (1,316 boepd) with a wellhead pressure of 1,240 psi on a 36/64th" choke. Production has been slowly increasing since an initial acid job carried out on 9 December 2019.
Ukraine:
As previously reported in July 2019, a judgement of the Kyiv Appellate Court was issued that satisfied JKX's application for recognition of an international arbitration award for the State of Ukraine to pay $11.8m plus interest and $0.3m costs as described in the 2018 Annual Report. Since an appeal against this judgement has now failed, JKX is therefore now filing for enforcement of the award. No recognition will be made in the financial statements of any possible future benefit that may result from this award until there is further clarity on the likely success of this enforcement.
Mcmd - Thousand cubic metres per day
bpd - Barrel per day
boepd - Barrel of oil equivalent per day
psi - Pounds per square inch
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
Ben Fraser, CFO
EM Communications +44 (0) 20 7002 7860
Stuart Leasor, Jeroen van de Crommenacker