JKX increases; Regal, Serinus decrease output in Ukraine in September
16 October 2013
Ukraine increased natural gas output 3.3% yoy to 15.61 bcm in 9M13, Energobiznes reported on October 15, citing preliminary data from Ukraine’s Energy Ministry. State gas companies produced 13.94 bcm of gas in 9M13, or a 2.5% yoy increase. In September alone, Ukraine produced 1.73 bcm of natural gas, or a 6.3% yoy increase.
Among the traded companies with assets in Ukraine, only JKX Oil & Gas (JKX LN) showed an increase in hydrocarbons output in September, we estimate. JKX’s Ukrainian subsidiary produced nearly 20.0 mcm of natural gas (+3.3% m/m) and 5.12 kt of oil and gas condensate (-6.4% m/m) in September, implying total output of 5,160 boepd (+4.1% m/m in daily terms).
KUB-Gaz, a Ukrainian subsidiary of Serinus Energy (SEN PW), showed a 1.0% m/m decline in hydrocarbon output to 4,760 boepd, we estimate. Regal Pertoleum (RPT LN) decreased its output 8.3% m/m to an estimated 1,270 boepd, with average daily gas production declining 9% m/m to 179,000 cubic meters per day.
For 9M13, JKX Oil & Gas decreased gas output in Ukraine 30.1% yoy to 169 mcm, KUB-Gas increased gas output 27.5% yoy to 204 mcm and Regal Petroleum showed a 4.9% yoy decline in gas output to 54 mcm.
