JKX operating profits up | 29 July 2013 | Stock Market Wire

JKX operating profits up | 29 July 2013 | Stock Market Wire:

"JKX Oil & Gas posts operating profits of $9.4m for the six months to the end of June - up from $0.5m last time.

Average production rose 21% to 9,040 barrels of oil equivalent per day (2012: 7,481 boepd) but revenues fell to $91.3m from $103.0m.

Chief executive, Dr Paul Davies said: "These are a solid set of half-year results which underpin our ability to continue the transformation of JKX over the full year.

"In Russia we have established sustainable gas production with potential for substantial growth. We are making good progress with expansion of the plant capacity.

"Development drilling and the workover programme in Ukraine has been relaunched after a pause of seven months. The increased investment in Ukraine has already yielded first results and we have continued to benefit from strong oil, gas and LPG realisations which are expected to remain firm throughout 2013."

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