JKX Oil & Gas

LSE-listed JKX Oil & Gas is an exploration and production company operating in Ukraine (76% of total sales in 1H17) as well as Russia (21%) and Hungary (3%). JKX is the largest private oil producer in Ukraine, accounting for 1.8% of domestic oil and 1.0% of gas production in 1H17. Its proven and probable oil and gas reserves were estimated at 109 MMboe as of end-2016).

Shareholders Structure

SUMMARY

Market Price ($) 0.558
Market Cap ($m) 93
Enterprise Value ($m) 69
Shares Outstanding 166,723,145
Code JKX LN

Recommendations

FV ($) ****
Upside (%) ****
Recommendation ****
Indicator 2017 2018 2019 2020 2021E
Sales ($m) 76 93 *** *** ***
EBITDA ($m) 25 36 *** *** ***
Net Income ($m) (12) 12 *** *** ***
Net Debt ($m) 9 (8) *** *** ***
Indicator 2017 2018 2019 2020 2021E
P/E neg. 7.92 *** *** ***
P/Sales 1.22 1.00 *** *** ***
EV/EBITDA 4.1 2.4 *** *** ***
P/Book 0.64 0.66 *** *** ***

Latest news about JKX Oil & Gas

Aug 10, 2021
| Oil & Gas

JKX Oil & Gas — Reports better 1H21 EBITDA, stronger 2H21 outlook

LSE-listed JKX Oil & Gas reported 1H21 sales of $39.5m (+14% h-o-h, +13% y-o-y), EBITDA of $17.4m (+16% h-o-h, +19% y-o-y), and net income of $9.9m (-46% h-o-h, +6.6x y-o-y), for EBITDA and net margins of 44.1% (+0.6pp h-o-h, +2.2pp y-o-y) and 25.1% (-28.1pp h-o-h, +20.8pp y-o-y). Net operating cash flow fell 5% h-o-h and was up 64% y-o-y at $14.8m, net investment cash flow dropped 5% h-o-h and 63% y-o-y to $3.4m, and net financing cash outflow stood at $0.2m (vs. outflows of $0.9m in 2H20 and $4.9m in 1H20). JKX reported end-2Q21 net cash of $36.5m, up from $28.4m at end-1Q21, $4.4m worth of oil and gas inventories, and no debt. The company has three undrawn debt facilities for a total of $20.1m. Production in Ukraine totaled 4.1 kboepd in 2Q21 (+7% q-o-q, -17% y-o-y) and 4.0 kboepd in 1H21 (-23% y-o-y), with gas production up 1% q-o-q and down 22% y-o-y at 48 million cubic meters (3.1 kboepd) in 2Q21 and down 25% y-o-y to 95 million cubic meters in 1H21. Oil and gas condensate production was up 29% q-o-q and down 1% y-o-y at 95 Mbbl (1.0 kboepd), bringing 1H21 extraction down 17% y-o-y to 167 Mbbl (0.9 kboepd). The average realized gas price jumped 17% q-o-q and 134% y-o-y to $250/tcm and oil price rose 8% q-o-q and 110% y-o-y to $65/bbl. In 1H21, the average realized gas price increased by 77% y-o-y to $232/tcm and oil and gas condensate price grew 58% to $63/bbl. In Russia, gas production fell 2% q-o-q and 6% y-o-y to 81 million cubic meters (5.1 kboepd) in 2Q21 and was flat y-o-y at 888 million cubic meters (5.2 kboepd) in 1H21, with average realized prices flat y-o-y and q-o-q at $52/tcm in 2Q21 and down 4% y-o-y at $52/tcm in 1H21.
Jul 20, 2021
| Oil & Gas

JKX Oil & Gas — Reports better 2Q21 operating results

LSE-listed JKX Oil & Gas reported 2Q21 production of 9.33 kboepd, up 2% q-o-q and down 6% y-o-y, bringing 1H21 output to 9.26 kboepd (-11% y-o-y).
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