JKX increased hydrocarbon production by 9% in 9 months of 2019

The JKX Group published its results for the 3 quarters of 2019, where from January to September 2019 the Group increased its hydrocarbon production by 13%. Informs the website of the London Stock Exchange on October 9, 2019.

In turn, JV Poltava Petroleum Company (JV PPC), a subsidiary of JKX, reports that it has increased its hydrocarbon production by 51% in 9 months. The increase in natural gas production was 55% and amounted to 765 thousand m 3 per day. In the third quarter, the company showed an increase in oil and condensate production, which is the largest indicator of quarterly and annual production growth since 2013.

So, oil and condensate production increased by 26% compared to the second quarter of 2019 due to the drilling of wells # 81 of Novomykolaivske field and # 142 of Ignativske field. As a result of 9 months, oil and condensate production increased by 33% compared to the previous year and amounted to 1,033 barrels of oil equivalent per day.

The volumes of capital investment in development of the fields remains at the planned level, despite the fall of the gas prices in Ukraine – it is stated in publication.

The JV PPC continues drilling of well No. 4 in the Zahidno - Mashivske field, and the side track No. 101 in the Rudenkivske field. As of September 30, PPC stored 54 million m 3 of gas in the underground storage. One may recall that in the first half of 2019, the JV PPC increased gas production by 57%. In September 2019, the JKX Board of Directors appointed Victor Gladun as Group CEO.

Expro Reference: JV Poltava Petroleum Company (JV PPC) is a joint Ukrainian-British company that was established in 1994. JV PPC is one of the leaders among the private oil and gas companies of Ukraine. The company's main activity is exploration, and production of oil and gas. JV PPC is a 100% subsidiary of JKX Oil and Gas plc, whose shares have been listed on the London Stock Exchange since 1995.

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