TIDMJKX
RNS Number : 3612V
JKX Oil & Gas PLC
14 April 2021
14 April 2021
JKX Oil & Gas plc
("JKX", the "Company" or the "Group")
Quarterly Operations Update
Highlights
-- Net $28.4m of cash and cash equivalents, and oil and gas
inventory of approximately $2.9m in value, held at 31 March
2021.
-- Net $28.4m of cash and cash equivalents, and oil and gas
inventory of approximately $2.9m in value, held at 31 March
2021.
-- One deepening and two workovers were carried out in Ukraine
in Q1 2021.
-- The drilling rig has commenced drilling the next new well,
IG149, after being on free of charge standby for Q1 2021.
Production
Q1 Q4 Q on Q Q1 Q1 Y on Y
% %
2021 2020 Change 2021 2020 Change
Total production, boepd 9,177 9,825 (7)% 9,177 10,996 (17)%
Ukraine, boepd 3,843 4,351 (12)% 3,843 5,361 (28)%
- Average gas production,
Mcmd 517 592 (13)% 517 715 (28)%
- Average oil and condensate
production, boepd 799 868 (8)% 799 1,155 (31)%
Russia, boepd 5,334 5,474 (3)% 5,334 5,635 (5)%
- Average gas production,
Mcmd 896 919 (3)% 896 946 (5)%
- Average condensate production,
boepd 58 64 (9)% 58 65 (11)%
Hungary, boepd 0 0 0% 0 0 0%
Prices realised
Ukraine
- Average gas price, $/Mcm 214 168 27% 214 150 4 3%
- Average oil and condensate
price ($/bbl) 60 49 22 % 60 49 2 2 %
Russia
- Average gas price, $/Mcm 52 50 4% 52 56 ( 7 )%
In Ukraine:
-- In Q1 2021 the drilling rig has remained on free of charge
standby with the drilling of IG149 commencing on the 9(th)
April. IG149 is targeting the Ignativske Devonian in an
undeveloped fault block containing the IG111 well. IG111
was successfully deepened to the Devonian in Q1 2021 and
found 4.8m of net hydrocarbon bearing reservoir from logs.
-- NN76, a PPC owned well in the Novo-Nikolaevske field, was
worked over to test the V15 reservoir in March and is currently
producing 243 boepd.
-- NN75 ST is currently producing 125 boepd following 4m of
additional perforations added in the V16 in January.
-- Ukraine production of 3,843 boepd in Q1 2021 is 12% lower
than Q4 2020 due to no drilling activity taking place in
Q1 2021 and the loss of IG142 which produced an average
of 321 boepd in Q1 2021 before it stopped producing in the
middle of February.
In Russia:
-- Acid jobs planned for January were postponed till Q2 2021
due to production being more stable than anticipated.
Liquidity
In $m 31 Mar 31 Dec 30 Jun 31 Dec
2021 2020 2020 2019
Total cash and cash equivalents 28.4 24.3 14.5 20.6
Bond liability (principal
and interest accrued) - - - (5.7)
Net cash 28.4 24.3 14.5 14.9
Approximate sales value
of gas and oil inventory 2.9 2.2 1.7 4.1
Our Ukrainian subsidiary held 1.6 million cubic metres of gas
and 38.4 thousand barrels of oil inventory available for immediate
sale at 31 March 2021. Approximate sales value of gas and oil
inventory is calculated using average sales prices for March
2021.
Rental fee claims
Claims issued by the Ukrainian tax authorities for additional
rental fees for 2010 and 2015 are still being contested through the
Ukrainian court process as explained in the 2020 Annual Report. In
April 2021 the Poltava Circuit Administrative Court satisfied
demands of Poltava Petroleum Company (PPC) in respect of the case
No. 816/1191/16 and left the decision of first instance court in
force. Final resolution of the 2010 and remaining 2015 rental fee
claims cases is expected during 2021.
International arbitration award
The international arbitration award, directing the State of
Ukraine to pay $11.8m plus interest and $0.3m costs to JKX as
described in the 2020 Annual Report, was successfully legally
recognised in Ukraine and JKX filed for collection. No possible
future benefit that may result from this award will be reflected in
the accounts until there is further clarity on the process for, and
likely success of, enforcing collection.
Covid-19
The Group has all necessary arrangements in place to ensure the
safe conduct of its business. We have implemented a number of
policies recommended by Governments in the countries of our assets
for the protection of our employees, as well as to help
minimization of the spread of coronavirus (Covid-19). Our first
priority is the safety and wellbeing of our staff. Our next
priority is supporting the local communities, especially where
there is a lack of medical assistance, and we have directed our
corporate and social responsibility projects helping to fight
further spread of Covid-19. We continue to monitor the impact of
Covid-19 developments on our industry, operations, staff and
contractors and are confident about the safety measures we put in
place.
boepd - Barrels of oil equivalent per day
bopd - Barrels of oil per day
Mboe - Thousand barrels of oil equivalent
Mcm - Thousand cubic metres
MMcm- Million cubic metres
Mcmd - Thousand cubic metres 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
Dmytro Piddubnyy , CFO
EM Communications +44 (0) 20 7002 7860, +44 (0) 7887 946719
Jeroen van de Crommenacker
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END
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