JKX posts fall in production but leap in prices
JKX has posted a year-on-year first-quarter fall in oil and gas production, although this was offset with soaring gas and oil prices.
JKX has posted a year-on-year first-quarter fall in oil and gas production, although this was offset with soaring gas and oil prices.
Production in the first three months of 2012 totalled 7,330 barrels of oil equivalent per day (boepd) (2011 Q1: 8,910). Oil production fell 23.3% from 2,246 barrels of oil per day (bopd) to 1,725bopd, while gas production totalled 33.6m cubic feet per day (mcfd) (2011 Q1: 40.0).
The company said it expects production in the second quarter to reach 8,500 boepd.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The realised gas price leapt 50.4% from $8.25 yo $12.41 per million cubic feet, while the realised oil price increased by 8.1% from $92.29 to $99.80 per barrel.
On the same day the company reported that commercial gas delivery from the Oshekhablskoye field in southern Russia has commenced, meaning the company is now able to focus on the next phase of the field.
JKX also announced that its wholly-owned subsidiary, YGE, has been awarded the Giorgievskoye exploration licence in the Republic of Adygea, southern Russia, ensuring that the whole of a previously mapped field area is now secured under licences held by the company.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Would you delay retirement to help your children through university?
Parents are missing out on as much as £45,000 that could have gone into their pensions because they are using that money to pay their children’s way through university, according to new research
-
Family face £100k stamp duty bill after avoidance scheme crashes in court – the mistakes to avoid
A couple faces a substantial stamp duty bill after trying to reduce the amount they owed