Ukraine gas production falls 8-26% for JKX, Serinus, Regal in 8M15

Ukraine gas production falls 8-26% for JKX, Serinus, Regal in 8M15



2 жовтня 2015 года
Конкорд Капитал

JKX Oil & Gas (JKX), Regal Petroleum (RPT), Serinus Energy (SEN)


Natural gas production fell 18% yoy to 139.9 mcm for the Ukrainian subsidiary of JKX Oil & Gas (JKX LN) in 8M15, according to Energobiznes report. This equals to 3,386 boepd in natural gas output, we estimate. In August, the company produced 3,799 boepd of natural gas, which is flat m/m and -6% yoy.

Natural gas output declined 26% yoy to 160.1 mcm for KUB-Gas, a Ukrainian subsidiary of Serinus Energy (SEN PW). This corresponds to 2,714 boepd net to Serinus’ working interest. In August, KUB-Gas output was flat m/m and 41% lower yoy at 2,675 boepd net to Serinus.

Regal Petroleum (RPT LN) showed the most moderate decline in gas output among foreign-listed gas producers as it extracted 36.1 mcm (935 boepd) of natural gas in 8M15, a 8% yoy drop. In August, Regal boosted natural gas output 0.5% m/m, but it fell 9% on a yoy basis to an estimated 901 boepd.

Ukraine’s biggest private gas producer NGD, formerly part of DTEK (DTEKUA), showed a spectacular rise in gas output in 8M15 of 59% yoy to 773 mcm. In August 2015, it produced 120.2 mcm of natural gas, which is a 20% increase m/m and 63% increase yoy.

Total natural gas production in Ukraine decreased 1% yoy to 13.07 bcm in 8M15 as production by state holdings fell 3.7% yoy to 10.8 bcm and by private companies increased 16% yoy to 2.2 bcm.

Alexander Paraschiy: The decline in natural gas production by internationally listed companies is of little surprise, given that they halted all their development projects after the hike in the natural gas production tax to 55% from 28% as of August 2014. What’s particularly interesting is the solid performance of NGD, which DTEK spun off in late 2014. As we highlighted earlier, this business could have brought a considerable amount to DTEK’s EBITDA in 2015.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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