14 Mar 2017 07:00
14 March 2017
JKX Oil & Gas plc
("JKX", the "Company" or the "Group")
February 2017 Monthly Production Report
February 2017 | January 2017 | % Change | 2 months to February 2017 | 2 months to February 2016 | % Change | |
Total production (boepd1) | 9,801 | 10,136 | (3.3)% | 9,977 | 9,926 | 0.5% |
Ukraine (boepd) | 3,854 | 4,357 | (11.5)% | 4,118 | 3,921 | 5.0% |
- Average gas production (MMcfd2) | 19.03 | 21.2 | (10.2)% | 20.2 | 19.5 | 3.6% |
- Average oil and condensate production (boepd) | 682 | 818 | (16.6)% | 754 | 677 | 11.4% |
Russia (boepd) | 5,643 | 5,779 | (2.4)% | 5,715 | 6,005 | (4.8)% |
- Average gas production (MMcfd) | 33.5 | 34.3 | (2.3)% | 33.9 | 35.6 | (4.8)% |
- Average condensate production (boepd) | 59 | 61 | (3.3)% | 60 | 64 | (6.3)% |
Hungary (boepd) | 304 | - | 100% | 144 | - | 100% |
- Average gas production (MMcfd) | 1.7 | - | 100% | 0.79 | - | 100% |
- Average condensate production (boepd) | 25 | - | 100% | 12 | - | 100% |
· Production in the first two months of the year is up by 0.5% compared with 2016 with increased flows in Ukraine and the resumption of Hungarian production, after more than 3 years, compensating for lower production in Russia.
· Average Group production for February 2017 was 9,801 boepd, a 3.3% month-on-month decrease, with lower Ukrainian and Russian production being partly compensated by the commencement of production in Hungary.
· In Ukraine, gas and liquids production decreases against January were driven by the decline of well NN47 at the Rudenkivske field which, following a workover in late December 2016, produced a total of 66 million cubic feet of gas and 2,682 stb4 of condensate (compared to 138 MMcf and 5,786 stb in January).
· Ukrainian production was also lower due to workover rigs being prepared at wells 19R and 10R for the upcoming stimulation program, meaning a break in the ongoing enhancement program.
· In Russia, gas production fell with a delay in the routine acid job on Well 27 due to the requirement to replace the BOP.
· In Hungary, gas sales from the Hajdunanas field commenced on 2 February 2017 at an initial rate of 1.8 MMcfd and averaged at 1.7 MMcfd through the remainder of the month. In addition a total of 702 stb of condensate was produced in Hungary in February. Year-to-date 2017 production in Hungary was averaged over 2 months of 2017 despite contributing to the Group production only for 27 days.
1boepd - Barrels of oil equivalent per day
2MMcfd - Million cubic feet per day
3MD - Measured depth
4stb - Standard barrels (stock tank barrels)
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
JKX.L (JKX)