JKX Oil & Gas plc announced unaudited revenue results for the month of January 2016. For the month the company announced revenue of $6.4 million of which $4.8 million was from oil, gas, condensate and LPG sales in Ukraine and $1.6 million from gas and condensate sales in Russia. Revenue in January 2015 was $6.5 million ($5.0 million in Ukraine and $1.5 million in Russia). The slight reduction in revenues is primarily due to the weakening of local currencies and the decline in oil and gas prices, in line with international market trends, partly offset by higher volumes. Gas realisation per unit in Ukraine in January 2016 was 3.7 times higher than in Russia.

For the month of January 2016 the company produced 10,553 boepd of which 9,863 boepd was gas. 6,581 boepd was produced in Russia and the remainder in Ukraine. This compares with January 2015 production of 8,126 boepd of which 7,284 boepd was gas. Since there was no additional drilling in 2015, production growth came primarily from the restoration of production from well27 in Russia, following almost two years of repairs. There is currently no production from the Hungarian assets. The company has confirmed that all development capex ceased in 2015 due to cash constraints and unless such a program is restarted in 2016, the production levels are likely to decline during this financial year.