JKX plans to double production

JKX, the oil and gas producer, reported a six per cent rise in production in 2009 and promised a year of growth as it looks to nearly double its production by 2011. It said it plans to invest $230m (£152m) in its Russian and Ukrainian operations in 2010, following a fundraising in January. This year “will be the year when we take a significant leap forwards,” chief executive Paul Davies said in a statement. The company, which began production in Hungary in 2009, posted a pre-tax profit for 2009 of $119.3m compared with $127.6m in 2008.