JKX boasts soaring profits.(JKX Oil and Gas PLC)(Brief Article)

UK-based oil and gas firm JKX, which has extensive operations in the FSU, has reported a substantial increase in profits. The firm ascribes its improved fortunes to strong world oil prices and the restructuring of the company.

JKX made a profit of 2.2mn [pounds sterling] ($3mn) in the first half of this year, compared with 500,000 [pounds sterling] for the same period last year. "We are basically a more efficient, cash-generative firm," says chief executive Paul Davies.

Operating cash flow almost tripled to 4mn [pounds sterling] during the period, allowing JKX to start new drilling in Ukraine. Output at the Poltava oil and gas field in Ukraine -- the firm's …