Kulczyk Oil’s gas production rises, Regal’s and JKX’s falls in 2Q12

Kulczyk Oil’s gas production rises, Regal’s and JKX’s falls in 2Q12



16 липня 2012 года
Конкорд Капитал

Kulczyk Oil Ventures Inc (KOV)


Ukrainian companies increased natural gas output 1% yoy to 10.1 bcm in 1H12, according to preliminary data from the Energy Ministry sourced by Interfax last Friday. Private producers increased their output 5.2% yoy in 1H12, but 2Q12 output fell 11% qoq. Kulczyk Oil (KOV PW), via its asset KUB-Gas, showed the best performance among listed companies: +3.3x yoy in gas output in 1H12. The worst performer was the Ukrainian subsidiary of JKX Oil & Gas (JKX LN): down 20% yoy in 1H12. Regal Petroleum (RPT LN), which did not operate a year ago, was able to restore gas production at 39.6 mcm in 1H12. Kulzcyk was also the best performer for 2Q12: the company increased gas output 13% qoq to 14.8 Mcf/day (net to the company), by our estimates. Regal and JKX decreased their daily gas output 14% and 6% qoq, respectively, in 2Q12. All the companies have yet to release their own production updates.

Gas production, mcm
1H12 yoy 2Q12 qoq
Kulczyk Oil, net 71.7 3.3x 38.3 +15%
JKX Oil & Gas 160.3 -20% 78.0 -5%
Regal Petroleum 39.6 n/m 18.2 -13%
Source: Energy Ministry, Concorde Capital calculations

Roman Dmytrenko: The news seems slightly encouraging for Kulzcyk Oil, which proved the sustainability of its increased gas output from February-March, and achieved higher average daily production in 2Q than it reported in late March (14.2 Mcf/day, net to the company). The released data is neutral for Regal and JKX, which previously reported a production decline in 2Q12 vs. 1Q12.

Источник: Конкорд Капитал

Аналитик: Роман Дмитренко
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