KX Oil & Gas said that the equipment for the upgrade of its LPG plant at the Novo-Nikolaevskoye Complex in Ukraine has shipped from the construction yard in Alberta, Canada.
Commissioning of the new equipment is expected in May 2013.
The additional equipment will enable Poltava Petroleum Company, JKX’s wholly owned subsidiary, to enhance the recovery of propane and deliver an overall 15% increase in LPG production with a commensurate increase in revenue. The total LPG yield at today’s average gas composition will increase from approximately 1.94 tonnes/MMcf of gas produced to approximately 2.23 tonnes/MMcf.
Since commissioning its LPG plant in May 2011, PPC has continued to deliver into a competitive Ukrainian commercial market with realisations strengthening to over $1,000/ton.
JKX Chief Executive, Dr Paul Davies , commented: “Implementing this upgrade demonstrates our continuing commitment to enhancing the PPC Novo-Nikolaevskoye plant to maximise revenue from the product stream.”
JKX is an exploration and production company listed on the London Stock Exchange. The Company has licence interests in Ukraine, Russia, Hungary, Slovakia and Bulgaria.
[mappress] LNG World News Staff, February 13, 2013; Image: JKX