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JKX Oil & Gas
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JKX Oil & Gas
JKX Oil & Gas Limited (also JKX) is a private British company engaged in the exploration and production of hydrocarbons in Ukraine. The company's headquarter is located in London, United Kingdom. The key operating subsidiaries of the company are located in Ukraine.
JKX's primary asset in Ukraine is Poltava Petroleum company which holds six production licenses.
The company's origins lie in the Poltava Petroleum Company, the first oil and gas company with private ownership in Ukraine, which was established by J.P. Kenny Exploration and Production in 1994. In May 1995, Poltava Petroleum Company began commercial production and, in June 1995, after merging with J.P. Kenny Exploration and Production, JKX successfully went to a initial public offering on the London Stock Exchange.
Shareholdings in the Poltava Petroleum Company held by the two Ukrainian enterprises, that were involved in founding the business, were acquired by the State Property Fund of Ukraine in the late 1990s. Following a protracted legal case and the intervention of the UK Prime Minister, Tony Blair, who made representations to Ukrainian President Leonid Kuchma, JKX Oil & Gas acquired the shareholdings in Poltava Petroleum Company that it did not already own in May 2002.
Poltava Petroleum Company was the first private company in Ukraine to achieve several milestones. In 1996, it received a loan from the European Bank for Reconstruction and Development (EBRD). In 1998, it performed 3D seismic surveys over an area of 150 sq. km. In 2002, a dew point control unit was commissioned for the first time in the Ukrainian oil and gas industry. By 2003, PPC became the first company in Ukraine to export gas to Europe. In 2010, it drilled a 1 km-long horizontal shaft, a first in Ukraine. The company built an LPG plant in 2011. In 2013, it performed a 10-stage hydraulic fracturing in a horizontal well, another first for Ukraine. PPC began selling natural gas on the electronic trading platform, UEEX, in 2016 and introduced compressors for reducing pressure at the wellhead. In 2017, the company implemented exploitation of depleted and low-yield reservoirs using the plunger lift system (U.S. technology) and started using line heaters on the wells. Also, it initiated the use of Suleimanov winches for well deparaffinization and was the first in Ukraine to close a deal on gas supply through an OTC platform in 2018.
In January 2022, JKX de-listed from the London Stock Exchange and in February 2022, it was re-registered as a private limited company.
Prior to the Russian invasion of Ukraine, the company’s business also included operating subsidiaries in Russia. In 2021, the management decided to withdraw from the Russian market and sell all existing assets, and entered negotiations with a potential buyer. However, the buyer withdrew from the deal unilaterally after Russia invaded Ukraine in February 2022. Following the sanctions imposed by Ukraine, EU, UK and USA against Russia (and countersanctions imposed by Russia against foreign investors) in response to a full-scale Russian invasion of Ukraine, JKX lost its control over the Russian Business.
Furthermore, during 2024 JKX received several Russian court rulings stating the nationalization of its former subsidiaries in Russia. As of 2024, JKX does not have any assets in Russia and does not consider any further business operations there.
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JKX Oil & Gas
JKX Oil & Gas Limited (also JKX) is a private British company engaged in the exploration and production of hydrocarbons in Ukraine. The company's headquarter is located in London, United Kingdom. The key operating subsidiaries of the company are located in Ukraine.
JKX's primary asset in Ukraine is Poltava Petroleum company which holds six production licenses.
The company's origins lie in the Poltava Petroleum Company, the first oil and gas company with private ownership in Ukraine, which was established by J.P. Kenny Exploration and Production in 1994. In May 1995, Poltava Petroleum Company began commercial production and, in June 1995, after merging with J.P. Kenny Exploration and Production, JKX successfully went to a initial public offering on the London Stock Exchange.
Shareholdings in the Poltava Petroleum Company held by the two Ukrainian enterprises, that were involved in founding the business, were acquired by the State Property Fund of Ukraine in the late 1990s. Following a protracted legal case and the intervention of the UK Prime Minister, Tony Blair, who made representations to Ukrainian President Leonid Kuchma, JKX Oil & Gas acquired the shareholdings in Poltava Petroleum Company that it did not already own in May 2002.
Poltava Petroleum Company was the first private company in Ukraine to achieve several milestones. In 1996, it received a loan from the European Bank for Reconstruction and Development (EBRD). In 1998, it performed 3D seismic surveys over an area of 150 sq. km. In 2002, a dew point control unit was commissioned for the first time in the Ukrainian oil and gas industry. By 2003, PPC became the first company in Ukraine to export gas to Europe. In 2010, it drilled a 1 km-long horizontal shaft, a first in Ukraine. The company built an LPG plant in 2011. In 2013, it performed a 10-stage hydraulic fracturing in a horizontal well, another first for Ukraine. PPC began selling natural gas on the electronic trading platform, UEEX, in 2016 and introduced compressors for reducing pressure at the wellhead. In 2017, the company implemented exploitation of depleted and low-yield reservoirs using the plunger lift system (U.S. technology) and started using line heaters on the wells. Also, it initiated the use of Suleimanov winches for well deparaffinization and was the first in Ukraine to close a deal on gas supply through an OTC platform in 2018.
In January 2022, JKX de-listed from the London Stock Exchange and in February 2022, it was re-registered as a private limited company.
Prior to the Russian invasion of Ukraine, the company’s business also included operating subsidiaries in Russia. In 2021, the management decided to withdraw from the Russian market and sell all existing assets, and entered negotiations with a potential buyer. However, the buyer withdrew from the deal unilaterally after Russia invaded Ukraine in February 2022. Following the sanctions imposed by Ukraine, EU, UK and USA against Russia (and countersanctions imposed by Russia against foreign investors) in response to a full-scale Russian invasion of Ukraine, JKX lost its control over the Russian Business.
Furthermore, during 2024 JKX received several Russian court rulings stating the nationalization of its former subsidiaries in Russia. As of 2024, JKX does not have any assets in Russia and does not consider any further business operations there.