JKX Oil & Gas announces 1H08 results

JKX Oil & Gas (JKX LN: N/R) today reported its 1H08 financial and production results. Sales grew 38% yoy to USD 116.8 mln; EBITDA rose 55.1% yoy to USD 96.3 mln and net income was up 63.9% yoy to USD 61.8 mln. JKX’s total production of 2,113 Mboe was down 10% yoy due to a natural decline in oil production, and current capacity limitations on gas processing facilities in the group’s Ukrainian fields. JKX said its robust profit and cash flow in the period primarily resulted from strong international oil prices and Ukrainian gas prices, which compensated for the group’s reduced oil and gas production in the period.