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JKX profit dips on exploration costs


Published Mar 19, 2008
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JKX reports results of the Golitza -1

U.K.-based Eastern Europe Explorer JKX has posted net 2007 profit of 74.4 million, down $3 million on operating costs incurred in Bulgaria, Ukraine and in the company's first Russian acquisition.

Company ccash from operating activies was up 59 percent on turnover that rose 40 percent to $184.5 million.

The company marked a year of firsts: a No. 1 Bulgarian well was dry and the purchase of Russian acreage.

The company continues a survey of Bulgarian prospects ahead of extensive exploration activity over shallower prospects in the Balkans.

Meanwhile, JKX’s main production from its Ukraine licences were up 13 percent to 12,579 barrels of oil equivalent per day.

Tags: JKX Oil & Gas plc



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