March 2017 Monthly Production Report

Released : 11.04.2017 07:00

RNS Number : 1302C
JKX Oil & Gas PLC
11 April 2017
 

 

11 April 2017

JKX Oil & Gas plc

("JKX", the "Company" or the "Group")

March 2017 Monthly Production Report

 

March

2017

February

2017

% Change

3 months to March

2017

3 months to March

2016

% Change

Total production (boepd1)

8,405

9,801

(14.2)%

9,436

10,249

(7.9)%

Ukraine (boepd)

3,534

3,854

(8.3)%

3,917

3,891

0.7%

- Average gas production (MMcfd2)

17.3

19.0

(8.9)%

19.2

19.2

0.0%

- Average oil and condensate production (boepd)

650

682

(4.7)%

718

690

4.1%

Russia (boepd)

4,568

5,643

(19.1)%

5,320

6,357

(16.3)%

- Average gas production (MMcfd)

27.1

33.5

(19.1)%

31.6

37.7

(16.2)%

- Average condensate production (boepd)

48

59

(18.6)%

56

68

(17.6)%

Hungary (boepd)

307

308

(0.3)%

199

-

100%

- Average gas production (MMcfd)

1.7

1.7

0.0%

1.1

-

100%

- Average condensate production (boepd)

24

25

(4.0)%

15

-

100%

 

 

·   Average Group production for March 2017 was 8,405 boepd, a 14.2% month-on-month decrease. Production declines occurred in Ukraine and Russia, while Hungarian production remained stable.

 

·    In Ukraine, gas and liquids production decreases against February were primarily driven by the decline of wells NN47 and NN16 at the Rudenkivske field. The monthly average production rate of NN47 declined from 2.4 to 1.1 MMcfd. NN16 declined from 0.8 to 0.5 MMcfd.  Other production losses were attributed to M153, which was offline throughout March due a blockage, and resulted in a loss of 23 bpd of oil and 0.2 MMcfd of gas compared to the February monthly average.

 

·   No production enhancements were carried out in March while preparation for a well stimulation program at the Rudenkovskoye field continues. We have signed a contract with Schlumberger to stimulate 11 wells with multiple zones in the second and third quarter of this year.

 

·  In Russia, gas production is lower due to the preparation of Well 25 for a planned workover. This well contributed 10.1 MMcfd during February and was closed in for rig-up on the 5 March 2017. Increased production from other wells partly compensated the loss of Well 25. 

 

 

1boepd - Barrels of oil equivalent per day

2MMcfd - Million cubic feet per day

3MD - Measured depth

4stb - standard tank barrel

 

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


This information is provided by RNS
The company news service from the London Stock Exchange
 
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