London-Listed JKX Boosts Cash in Q3
London-listed, east-Europe-focused explorer JKX Oil & Gas achieved a 30% quarter-on-quarter growth in its cash and cash equivalents in the three months ending September 30, it said on October 8, supported by higher output in Russia.
The company's cash pile now totals $18.8mn. Overall production was up 4% q/q at 10,245 barrels of oil equivalent/day, on the back of a 12% growth in mostly-gas output in Russia to 5,519 boe/d. Average extraction in Ukraine was down 5% at 4,727 boe/d.
JKX's average realised gas prices in Ukraine was down 46% year on year in the first nine months of 2020 at $123/'000 m3. It sells its gas for much less in Russia, $57, although this represented a decline of only 7% yr/yr. Its gas price in Ukraine was down 2% q/q in July-September, but its oil and condensate price slumped 58% to $49/b. Its gas price in Russia was unchanged.