December 12, 2016 / 7:52 AM / a year ago

JKX says Ukraine's proposed drilling tax cut bodes well for investment

Dec 12 (Reuters) - JKX Oil and Gas Plc said on Monday that Ukraine’s proposed law to reduce the country’s gas production tax to 12 percent from a maximum of 29 percent for new wells will help the company’s investment plans.

“The new law will have a material impact on the Group’s plans for investment in Ukraine and, specifically, on the implementation of the field development plan for the Rudenkivske gas field,” Chief Executive Tom Reed said in a statement.

The company also reported a 1.6 percent fall in its average production for November to 9,746 barrels of oil equivalent per day (boepd), compared with the previous month. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri)

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