Ukraine-focused JKX Now Debt Free

Ukraine-focused oil and gas producer JKX Oil & Gas is now debt free for the first time in 10 years after making a final $5.82mn bond repayment, it said in a statement on February 20.

"This is a major milestone for the company, removing a substantial capital and interest commitment and significantly improving the company's financial resilience," JKX chairman Charles Valceschini said.

JKX operates a cluster of gas fields in the Poltava region of eastern Ukraine. It managed to ramp up production at the fields by 52% last year, to 5,584 barrels of oil equivalent/day, offsetting the impact of weaker gas prices. 

The company added that its CFO Ben Fraser had decided to leave the company and would step down on March 31. His role will be filled by Dmitry Poddubniy, who served as CFO in 2017.