JKX Oil & Gas Raises Funds

Eastern Europe-focused JKX Oil & Gas announced Wednesday that it has arranged to raise $40 million through a placing of convertible bonds with institutional investors.

Already this month, JKX has made a series of announcements regarding the progress of its operations in Ukraine.

On Monday this week, JKX said the remaining reserves for its Elizavetovskoye field near Poltava, Ukraine, had been revised upwards to 22 billion cubic feet of gas.

On Tuesday, the company confirmed that it was on track to achieve its second-quarter fracture stimulation project on a horizontal section of its R-103 well in the Rudenkovskoye deep tight-gas field in Ukraine.

JKX also announced in a separate statement Wednesday that the equipment it requires to upgrade its LPG plant at the Novo-Nikolaevskoye Complex in Ukraine has been shipped from a construction yard in Alberta, Canada. The new equipment, which is expected to be commissioned in May 2013, will enable the recovery propane and deliver an overall 15-percent increase in LPG production, said the company.



A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com


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