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JKX, with assets in Russia and Ukraine, cuts average daily hydrocarbon production in Q1

The company operates primarily in Russia and Ukraine, but has a presence in 6 other countries in Europe and North America

Moscow, April 21 - Neftegaz.RU. JKX Oil & Gas in the 1st quarter of 2021 reduced the average daily production of hydrocarbons by 17% compared to the 1st quarter of 2020, to 9,177 barrels of oil equivalent per day (boepd), the company said on the London Stock Exchange website today.

Production in Ukraine:
  • fell by 28% to 3,843 boepd
  • including gas production by 28%, to 517,000 m3 per day
  • oil and condensate by 31%, to 799,000 boepd
Production of hydrocarbons in Russia:
  • decreased by 5%
  • amounted to 5,334 boepd
  • including gas production by 5% to 869,000 m3 per day
  • condensate by 11%, to 61 boepd
JKX indicates that compared to the previous quarter, production decreased by 7%, including in Ukraine by 12% and in Russia by 3%.
In particular, gas production in Ukraine decreased by 13%, oil and condensate by 8%.

The company explained the reduction in production in Ukraine due to no drilling activity taking place in the 1st quarter of 2021 and the loss of IG142 will which produced an average of 321 boepd before it stopped producing in the middle of February.
JKX clarified that the drilling rig has remained on free of charge standby with the drilling of IG149 commencing on April 9.

The company also indicated that compared to the 1st quarter of 2020, the average gas price in Ukraine jumped by 43%, to $214 per 1,000 m3 (compared to the 4th quarter, the growth was 27%), for oil and condensate by 22%, to $60 per barrel (an increase of 22% compared to the 4th quarter).

The situation was worse in Russia, where the price of gas fell by 7% year-on-year to $52 per 1,000 m3 (although by the 4th quarter it grew by 4%).
The company’s cash and cash equivalents were $28.4 million at the end of March, compared with $24.3 million a quarter earlier.

In addition, JKX possessed oil and gas reserves of the Ukrainian subsidiary Poltava Petroleum Company in the amount of $2.9 million (a quarter earlier – $2.2 million), which is 1.6 million m3 and 38,400 barrels of oil and condensate.

JKX Oil & Gas is engaged in the exploration and production of hydrocarbons in Ukraine and Russia.
Poltava Petroleum Company, owned by JKX, is one of the largest non-state oil and gas companies in Ukraine.
It holds 5 production licenses and one for geological exploration, including pilot production.

Source : Neftegaz.RU

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