JKX Considers its Options following Increased Production Taxes

Eastern Europe-focused JKX said Monday that it is carefully evaluating the impact on its ongoing investment program in Ukraine of emergency budget legislation that will "substantially increase" production taxes for the oil and gas industry over the next few months.

Ukraine has introduced emergency tax rates on oil and gas production that will initially last between August 1 and December 31. JKX said the most significant of these tax increases will be on gas production, where the rate will approximately double to a level of 55 percent.

JKX is a junior exploration and production company with license interests in Ukraine, Russia, Hungary and Slovakia.


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