Monday, August 11, 2014

JKX hit as Ukraine doubles tax on gas production -

JKX Oil & Gas said it would be taking “operational and financial measures” to protect its interests after the Ukrainian government imposed emergency laws doubling the rate of tax on gas production in the country to 55 per cent.

Shares in the London-listed explorer and producer, which has assets in both Ukraine and Russia, fell by as much as 16 per cent to 34p on Monday from their Friday close of 40.25p, before recovering ground to trade at 37p by late morning.

The warning over the impact of the tax rise on its gas output, comes amid continuing clashes between Ukrainian government forces and pro-Russia separatists in the east of the country.

As part of the wider dispute between the two countries, Gazprom, the Russian gas exporter, cut deliveries to Ukraine for domestic use in June after a row over unpaid bills.

Though small in size, JKX claims to be one of the largest non-state producers of oil and gas within Ukraine. A week ago JKX said it expected to maintain group production – currently equally split between Ukrainian and Russian output – at around 10,000 barrels of oil equivalent a day.

Before news of the planned tax increase on Ukrainian gas production emerged, JKX also confirmed last week that it intended to push ahead with further investment to raise gas production and processing at its licences in the country.

Complete story at - JKX hit as Ukraine doubles tax on gas production -

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