Losses shrink for JKX after tough year

It’s safe to say 2016 was not a vintage year for UK-listed Ukrainian oil and gas company JKX, with boardroom oustings and disagreements and a series of police raids.

Now, it is showing signs of having steadied the ship, with losses for the year at $3.9m, against a loss of $10.7m in the previous year. Net debt has shrunk from $8.1m to $2.5m.

In its full-year results today, the company lists its top goal for the year as finding an amicable settlement to legal disputes with the Ukrainian government.

It adds that the board “continues to be impressed and often humbled by the level of dedication, talent, and perseverance shown by staff throughout the Group, especially during a year in which we were trying to drive such significant change.”