Eastern Europe-focused JKX Oil & Gas reported Monday that it has returned all of its wells in Ukraine to full production after the Ukrainian state gas distributor confirmed that the company could return to delivering gas to industrial customers.
Ukraine issued a decree at the end of November that directed all major industrial buyers to acquire their gas solely from the state-owned gas company Naftogaz during the three-month period between December 1 and February 28. This resulted in JKX's Ukrainian subsidiary being forced to shut in a proportion of its oil and gas production during this period.
In mid-February JKX launched arbitration proceedings against the Ukrainian government in an attempt to recover more than $180 million in rental fees that its subsidiary has paid on production of oil and gas in Ukraine since 2011.
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