LONDON, March 30 - Oil and gas producer JKX (JKX.L) reported a 6 percent rise in production in 2009 and promised a year of growth as it looks to nearly double its production by 2011.
JKX said it plans to invest $230 million in its Russian and Ukrainian operations in 2010, following a fundraising in January.
This year "will be the year when we take a significant leap forwards," chief executive Paul Davies said in a statement.
The company, which began production in Hungary in 2009, posted a pretax profit for 2009 of $119.3 million compared with $127.6 million in 2008.
Market expectations had ranged between $82.56 million and $125.2 million, with the consensus at $113 million, according to a Reuters Estimates poll of six analysts.
Average oil and gas production rose to 11,665 barrels of oil equivalent per day (boepd). The group said it is targeting 20,000 boepd during 2011.
"The last 12 months reconfirmed our confidence in the existing portfolio. The steady increases in production, the encouraging results from the frac test programme and the convergence of gas prices in Ukraine and Russia to European net back underpin our optimism in the future," added Davies.
JKX raised its dividend by 4 percent, bringing the total dividend for 2009 to 5 pence per share.
Shares in JKX nudged up to 284 pence in early trade.
JKX said it plans to invest $230 million in its Russian and Ukrainian operations in 2010, following a fundraising in January.
This year "will be the year when we take a significant leap forwards," chief executive Paul Davies said in a statement.
The company, which began production in Hungary in 2009, posted a pretax profit for 2009 of $119.3 million compared with $127.6 million in 2008.
Market expectations had ranged between $82.56 million and $125.2 million, with the consensus at $113 million, according to a Reuters Estimates poll of six analysts.
Average oil and gas production rose to 11,665 barrels of oil equivalent per day (boepd). The group said it is targeting 20,000 boepd during 2011.
"The last 12 months reconfirmed our confidence in the existing portfolio. The steady increases in production, the encouraging results from the frac test programme and the convergence of gas prices in Ukraine and Russia to European net back underpin our optimism in the future," added Davies.
JKX raised its dividend by 4 percent, bringing the total dividend for 2009 to 5 pence per share.
Shares in JKX nudged up to 284 pence in early trade.
