Stonefold
15 Jan 2018
Rns Good Drilling result JKX Oil & Gas PLC Today's RNS kicks off 2018 with news of the Successful completion of a well work over in Ukraine.The side track Well IG101Z was safely and successfully drilled, tested, completed and is now connected up and producing into their existing processing facilities.As of 5 January 2018 the well production rate on a 20/64" choke was 2.1 MMscf/d of gas and 55 bpd of condensate.JKX's new board of directors in particular acting CEO Victor Gladun might be in the fortunate position to oversee the start of the process of significant share value recovery for JKX.From recent interview:"....The first wells in the new stage of the company's development will be at the Ignatievskoye field. But this does not mean that we do nothing at other fields. We see a serious remaining potential in all of our main mining fields: Rudenkovskoye, Ignatovskoe, Molchanovskoye, Novonikolaevskoe, Elizavetovskoye. Here we plan to increase the efficiency of the existing well stock and plan to drill new ones. There are also interesting objects for exploration on Elizavetovskaya and Zaplava licenses......."
LINTON5
15 Jan 2018
Welcome News let’s get this show back on the road and get back to something like you used to be JKX life’s to short guys and this was once a great company .good start to 2018 let’s keep it going
The Crazy Russian
21 Dec 2017
Re: so much for the chat my comment of 17.18 was meant for other boardpls ignore re JKX
The Crazy Russian
21 Dec 2017
Re: Question for The Crazy Russian many many apologies I missed seeing my response was asked forwho is responsible??.....directors and board!!...all of whom take salaries and expenses whilst seeking to blame everyone but themselves for situationokmuch may well beyond their control.......but in that case slow down bonuses/salaries etcand DO NOT seek rewards when (IF) situation resolves.as it clearly is not down to board effort
The Crazy Russian
21 Dec 2017
so much for the chat as expected the price drifts lower...so much for all the positive chatwhy do i listen, small benefit is only bought a few extras to round up to nearest 000
Kenj2
18 Oct 2017
Re: Question for The Crazy Russian I'm still waiting for The Crazy Russian to answer my question posted in July 2016.For the record the sp 12.75p, is now 50% less that when Proxima took control.Since then we have had a battle for control with Eclairs, and numerous board changes. Don't ask me who is currently running the show, but the shareholders have seen no benefit.The last Operational Update was in my opinion abysmal, nothing positive in there at all.I have bailed out taking an 89% loss.I had to laugh at this statement though."Following results of the AGM on June 30, the Board is actively looking for new Executive and Non-Executive Directors. "Why would any half decent director consider a job with this lot?The advert should say - Brown nosing, myopic Yes-Men required for very short term appointment.
Kenj2
20 May 2017
Muisical Chairs Proxima Turns On JKX Oil Amid Eclairs Effort To Oust Board.LONDON (Alliance News) - The board of Ukraine-focused JKX Oil & Gas PLC could be overhauled for a second time after one of its major shareholders called an extraordinary general meeting to put forward proposals to appoint one director and oust three existing board members.JKX Oil's entire board was overhauled in January 2016 following a lengthy battle with 20% shareholder Proxima Capital Group, which resulted in five directors being kicked off the board and the subsequent resignation of the remaining directors that were left. Full article at:[link]
Stonefold
11 Oct 2016
Broker The appointment of a corporate broker seems to have reminded people of the possible need for fund-raising in the future.
Stonefold
31 Jul 2016
Half year results At first glance it is better than I had expected with less cash burn.The total potential debts which might fall due are still greater than the actual cash in hand to meet them. There are routes to resolve this, but there are significant risks if solutions are not found.“…There remain risks in respect of the $27.6 million bond payment which may become due in February 2017 ..”Though that may be mitigated by.“.. restructuring or refinancing options, which are currently being assessed. …”If oil and gas prices remain low it would be unlikely for there to be much upside to the cash figure of $18.6 million via operating profit alone. But if prices or volume improve then cash flow could easily briskly climb up from the current break-even zone. The cost cutting effort would look better if the directors led by example with their own remuneration.Though the Supreme Court choosing not to consider the first appeal attempt is not good, let’s see how the second appeal goes.“……The Company's Ukrainian subsidiary, Poltava Petroleum Company ('PPC') has recognised a provision of $10.5 million and has a contingent liability of approximately $24 million in relation to court proceedings over the amount of production taxes ('Rental Fees') paid in Ukraine for certain periods since 2010. …… The Board believes that these claims are without merit under Ukrainian law and will continue to contest them vigorously. ……..”I had hoped that there might be a settlement between the company and the government before the final arbitration hearing. Maybe a mutually beneficial outcome will occur after the tribunal's decision.“..The main arbitration case, which relates to the overpayment of approximately $180 million in Rental Fees plus damages to the business, was heard in London in early July and we expect the tribunal's decision by the end of 2016. ..”Aim to drill two exploration wells in Slovakia in 2016, and if cash can be found maybe some replacement production drilling in Ukraine. An ongoing strategic review of the Russian assets. Seeking farm-in partner for Hungarian production licences. From an operating viewpoint it remains solid, it’s just the small matter of everything else not having quite such a harmonious alignment at the moment.
Stonefold
20 Jul 2016
Re: Communication (Chairman translates for CEO)Whilst they were there, I wonder if they took the opportunity to pencil in some last minute settlement talks?
Stonefold
19 Jul 2016
Communication 19-07-2016Tom Reed, chairman of JKX Oil & Gas Plc was one of the participants at the meeting of the "round table" on "The Government's plan to escalating gas production by 2020 - myth or reality?".With various Government ministries’ advisors and other production companies. Suggested shifting from production tax to profit tax - Lowering of rent to 12% .Increasing gas production before 2020 by + 35 %[link]
Stonefold
15 Jul 2016
Pressure Police continue investigating allegations, the government choose to announce how much tax payer’s money they have spent defending the arbitration and Mr Kolomoisky assisting the direction of the businesses he has an interest in.
Stonefold
08 Jul 2016
On the up 06-07-2016JKX benefiting from recent supply shortage, with 28% price rise in LPG.At the last auction they sold 209 tonnes at 14,900 UAH /t[link] to the accident at Lokosovskom GEA (Lukoil) that produces NATURAL GAS LIQUIDS, raw materials for further processing will most likely prolong the timing of scheduled maintenance at" Lukoil-Permneftegazpererabotka ", which will reduce the company's delivery volumes to Ukraine by half, to 10 thousand tonnes. As supply / demand is fairly tight in the region, and there is growth in demand for liquid gases, it may take a while before new import supplies are found and cause a period of elevated pricing. This is good news for local producers such as JKX.
Kenj2
01 Jul 2016
Question for The Crazy Russian "the oil price has little to do with current SP of JKX. it was at these levels well before oil dropped. the directors oversaw the drop in SP whilst blaming Ukraine, etc etc etc, indeed anything and everything but themselves." The Crazy RussianWhen Proxima took over the sp was 25.5p. It is now 16p. This is a drop of 9.5p or 37%.Oil then was at $36 (near its lowest point). It is now $49.75, and has been above $36 for most of the time since Proxima took charge. So just who is responsible for the dire share price performance since 29th Jan?
Stonefold
15 Jun 2016
Negotiation Both Misen Energy and Ukrnafta have separately this month started arbitration against Ukraine to attempt to resolve investment disputes including the issue of high royalty imposed on gas production.They have not waited for the result of JKX’s arbitration claim for $180 million, which is expected to have a hearing in July.Now three companies and their legal advisors consider that they have a valid claim. Makes you think that today’s RNS is just part of the negotiation process that has to be gone through prior to a settlement.
