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JKX's wells in Ukraine return to full production

Reuters - UK Focus

March 2 (Reuters) - JKX Oil & Gas Plc (LSE: JKX.L - news) said all of its wells in Ukraine had returned to full production after the government rescinded restrictions on selling gas to industrial customers.

The company said Ukraine's state gas distributor had confirmed that all of its nominations for March delivery to industrial customers had been accepted.

The restrictions caused JKX to suspend all capital spending in Ukraine in January.

In the third quarter, JKX produced 23.8 million cubic feet of gas and 974 barrels of oil condensate per day in Ukraine, where it gets about 85 percent of its revenue.

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The company commenced arbitration proceedings against Ukraine in February seeking repayment of $180 million related to the production of oil and gas.

Russian investment firm Proxima Capital Group said last month that it did not plan to make a bid for JKX, two weeks after announcing its intention to consider an offer. (Reporting By Mamidipudi Soumithri in Bengaluru; Editing by Ted Kerr)