Kyiv, 29 March 2019 – JKX Oil and Gas plc, the parent company of JV Poltava Petroleum Company (PPC), has published preliminary results for 12 months in 2018 at the London Stock Exchange.
Based on the results for the year ended on 31 December 2018, JKX Oil & Gas plc (Group) has significantly improved its liquidity, which is evidenced by an increased operating cash flow. Thus, JKX Oil & Gas plc’s revenue has amounted to $92,900,000 which is 24.5% more than in the previous year.
For the first time since 2013, the Group’s profit after tax has amounted to $15,300,000. It is worth mentioning that in 2017, the Group’s loss was $17,700,000. From production figures, JKX Oil & Gas plc has increased its oil, gas, and condensate production by 3%.
Poltava Petroleum Company (PPC), which has increased its 2018 revenue by 31.4% as compared to the year before, is an important asset of the Group in terms of financial and production indicators. The revenue increase is mainly attributed to increased hydrocarbon sales and higher gas price in 2018 compared to 2017 which is in line with the international market trends. The total gas sales have increased by 5.9%, mainly due to a 4.9% gas production increase.
“The financial results for 2018 are the best ones PPC has achieved since 2011, and drilling has been resumed for the first time since 2015. From January through December 2018, PPC increased its gas, oil, and condensate production by 5%. Thus, the company’s production trend has changed from declining to increasing. We have efficiently implemented the workover and stimulation programme and are intended to maintain the course toward production increase”, as Viktor Gladun, the Company’s General Director, commented.
In 2018, PPC implemented the total of 20 projects in well intervention, reinstatement and drilling including 13 workovers, 3 stimulations, 3 side tracks and 1 new drill, well 308, in the Elizavetivske field.
JV Poltava Petroleum Company, a joint Ukrainian-British venture, was founded in 1994. JV PPC is a leader among non-state oil and gas producers in Ukraine. The Company’s scope of activities: prospecting and exploration for oil and gas, and hydrocarbon production and processing. By applying advanced technologies and techniques, Poltava Petroleum Company makes its contribution to Ukraine’s energy independence.