JKX Oil & Gas daily oil output rises 16% in Q2, but Ukraine gas prices plunge | 12 July 2019 – Stock Market Wire

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StockMarketWire.com – JKX Oil & Gas said daily oil output rose 16% in the second quarter, but performance was hindered somewhat by a plunge in Ukranian oil prices.

For the quarter ended 30 June, daily production rose 16% to 11,872 barrels of oil per day, resulting in average daily production of 10,132 barrels of oil equivalent per day for the first half.

Ukraine gas and oil prices fell 11.6% and 16.9%, respectively, while Russia regulated gas sales price were unchanged.

‘Despite the significantly lower Ukrainian gas sales price, we remain in a net cash position and continue to finance all investment in the fields out of operational cash flow. H1 2019 cash outflow on capex exceeded $10m,’ the company said.

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