JKX Oil profits up despite production decline

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Date: Friday 29 Aug 2008

LONDON (ShareCast) - Oil explorer JKX Oil& Gas boosted revenues and profits in the first half of 2008 despite a decline in production.

Revenue grew from $84.7m to $116.8m in the first half of 2008, while pre-tax profit improved to $83.6m from $55.7m.

Average production declined by 10% to 11,607 barrels of oil equivalent per day (boepd) from 13,008 boepd a year earlier, due in part of the continued delivery limitation on the volume of gas that can be exported from the company’s Poltava production facility. Production levels have since picked up to exceed 12,000 boepd.

The average price realised for oil during the period rose 77% to $90.45 per barrel, up from $51.22 a year earlier.

Average realisations for gas rose 38% to $5.40 per million standard cubic foot (mscf) from $3.90 per mscf. JKX expects the upward trend in gas realisation to continue in the second half of 2008 and the early part of 2009.

The interim dividend has been hiked by 10% to 2.2p from 2p.

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