JKX finance chief steps down as company pays off debt
By Josh White
Date: Thursday 20 Feb 2020
(Sharecast News) - JKX Oil & Gas has made the final payment of $5.82m (?4.52m) under the terms of its 2013 guaranteed unsubordinated convertible bonds, it announced on Thursday, consisting of a principal repayment of $5.44m and an accrued interest payment of $0.38m.
The London-listed firm said that following the payments, the bonds were now fully redeemed, and the group was now debt-free for the first time in 10 years.
"This is a major milestone for the company, removing a substantial capital and interest commitment and significantly improving the company's financial resilience," said chairman Charles Valceschini.
At the same time, the company said chief financial officer Ben Fraser had decided to leave JKX and pursue opportunities outside the upstream oil and gas sector.
That would take effect on 31 March, following the approval and issue of the company's 2019 annual report and accounts.
The board said Fraser would hand over his responsibilities to Dmitry Poddubniy, who acted as group chief financial officer during 2017.
JKX said Poddubniy had "extensive experience" in the oil and gas sector, and had acted as deputy chief financial officer and chief financial officer of JKX's major operating subsidiary Poltava Petroleum Company for the last 15 years.
"Ben leaves the company debt free and returned to profit," said chief executive officer Victor Gladun.
"I would like to thank Ben for his hard work and commitment and I wish him well in the future.
"I look forward to working with Dmitry in his new role to which he will bring his substantial financial, assurance and organisational experience."
At 1147 GMT, shares in JKX Oil & Gas were up 3.8% at 28.44p.
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