JKX Oil & Gas plc settles debt obligations and appoints new CFO
JKX Oil & Gas plc,
UK, London, Feb 20, Thu, 2020
JKX Oil & Gas (hereinafter referred to as the Company), whose subsidiary is JV Poltava Gas and Oil Company (hereinafter referred to as JV PPC), made a final payment of $ 5.82 million on convertible bonds in 2013, in including $ 5.44 million of principal. For the first time in 10 years, JKX Oil & Gas has no debt, the Company said on the London Stock Exchange.
“From now on, the obligations on bonds are fully repaid, we are convinced that this will significantly improve the financial stability of the company and strengthen our investment opportunities. We plan to develop our business with a focus in Ukraine in the future. At the same time, in the difficult conditions on the gas market today, our sector needs additional incentives, such as reducing the fiscal burden, ”Victor Gladun, CEO of JKX, said.
Also, the stock exchange reported that Dmitry Piddubnyy, Financial Director of JV PPC, will take the position of Financial Director of JKX Oil & Gas. In this post, he will replace Ben Fraser, who decided to continue his career development in another sector.
Recall that in 2019, JKX increased hydrocarbon production by 20% compared to 2018 - up to 10.748 thousand barrels of oil equivalent per day. At the same time, the production of all hydrocarbons in Ukraine increased by 52% - up to 5.584 thousand barrels. Last year JKX investments amounted to more than $ 26 million, most of which fell to Ukraine - more than $ 18 million.
JV Poltava Oil and Gas Company is a joint Ukrainian-British venture established in 1994. JV PPC is one of the leaders among non-state oil and gas companies in Ukraine. The company's field of activity is the search, exploration, production and preparation of oil and gas.
JV PPC is a 100% subsidiary of the public company JKX Oil & Gas plc, whose shares have been listed on the London Stock Exchange since 1995.
The minority shareholders of the Group are Eclairs Group Limited - 27.47%, Cascade Investment Fund - 19.97%, Neptune Invest & Finance Corp. - 12.98%, Keyhall Holding Ltd - 11.45%, Interneft Ltd - 6.16%.