JKX Benefits from E European Well Work

Russia and Ukraine-focused producer JKX reported 1.5% higher output in the first half of the year compared with the same period last year, at 8,726 barrels of oil equivalent/day (boe/d), it said July 5.

Ukrainian gas production was down by 10.9% mainly owing to decline; while oil and gas condensate, the smaller portion of the output, was up 7.5% after some successful submersible pump installations. Overall, production was down 7.3% at 3,766 boe/d

In Russia, both gas and condensate output rose, gas by 10.5% and condensate by 16% compared with H1 2017. That led to an overall volume of 5,146 boe/d, or 10.6% more. Its output of gas and condensate fell by half in Hungary to 91 boe/d, and it is still looking for a buyer for that business, it said.

JKX faces a court hearing July 25, where it could lose up to hryvnia 64mn ($2.4mn) in additional tax liabilities and associated penalties, it said.