OREANDA-NEWS. August 30, 2010. JKX Oil & Gas PLC, Ukraine-focused oil and gas explorer, reported 1H2010 profits of USD 35.15 mn, with a 10.6% growth  yoy, the company reported in its financial statement Aug 27. Half-yearly revenues rose 32.9% yoy to USD 104.58mn. An increase in production has been the main reason for the growth. In 1H2010, an average output for the period increased by 14.7% to 1,589.7 toepd. The recovery in international oil prices also drove up the company profitability.

Millennium Capital considers the news as positive for the company. The company’s development plans in Ukraine are proceeding as planned, with good test results in its Russian rehabilitation project. Positive changes have mostly been the result of the continued development of drilling in its Poltava licences in Ukraine. JKX is developing Rudenkovske gas field in Ukraine that brings positive expectation regarding the company results in 2010.