Interfax-Ukraine reported that Ukraine Antimonopoly Committee announced in a statement on September 30 that it has fined Ralkon Commercial Ltd a British Virgin Islands registered company controlled by billionaire Mr Igor Kolomoisky for building up a stake of over 25% in London listed hydrocarbon producer JKX Oil & Gas without a relevant permission from the market regulator.

A small fine of UAH 30,000 was slapped upon the company.

As reported, in February 2011 Kolomoisky, through Ralkon Commercial Ltd built up a 27.06% stake in London listed JKX.

JKX main asset is Poltava Petroleum Company, one of the largest privately owned hydrocarbon producers in Ukraine.

Poltava Petroleum holds four licenses to develop oil and gas fields that are part of the Novomykolaivske complex in Poltava region, covering 271 square kilometers. Poltava Petroleum also has three exploration permits for the Zaplavske, Yelyzavetovske and Chervonoyarske-Skhidne fields which cover a total of 171.2 square kilometers.

The company is also constructing a gas processing plant at the Koshekhablskoye gas condensate field in Adygeya.

A fine of UAH 30,000 was slapped upon the company.

As reported, in February 2011 Kolomoisky through Ralkon Commercial Ltd built up a 27.06% stake in London listed JKX.

(Sourced from Interfax-Ukraine)