JKX releases interim management statement for 3Q08

JKX Oil & Gas (JKX LN), in its interim management statement distributed yesterday, said that it decreased production 14% yoy to 10,978 boepd. Oil production declined 37% yoy to 3,588 bopd, while gas production increased 4% yoy to 44.3 MMcfd. The company said that in the third quarter gas production remained constrained to the capacity of its existing pipeline from Poltava. The commissioning of the tie-in to the Soyuz trunk line earlier this month removes limits on the volume of gas. In August 2008 management said they were expecting to increase gas production to 60 MMcfd by the end of the year, following the tie-in.