JKX production declines 14% yoy in 1Q09

JKX Oil & Gas (JKX) saw its production decline 14% yoy in 1Q09 to 9,876 boepd, the company reported in an interim management statement on May 1. JKX’s gas production was steady yoy at 41 MMcfd, while oil output sunk 34% yoy to 3,083 bopd. The company said that delays in completing and testing new wells in Poltava impacted its output for the period, as it did in 4Q08. JKX said the issues have been resolved and that it anticipates a 10% qoq rise in production in 2Q09.