[14] Shareholdings in the Poltava Petroleum Company held by the two Ukrainian enterprises, that were involved in founding the business, were acquired by the State Property Fund of Ukraine in the late 1990s.

Following a protracted legal case and the intervention of the UK Prime Minister, Tony Blair, who made representations to Ukrainian President Leonid Kuchma, JKX Oil & Gas acquired the shareholdings in Poltava Petroleum Company that it did not already own in May 2002.

PPC began selling natural gas on the electronic trading platform, UEEX, in 2016 and introduced compressors for reducing pressure at the wellhead.

In 2017, the company implemented exploitation of depleted and low-yield reservoirs using the plunger lift system (U.S. technology) and started using line heaters on the wells.

Also, it initiated the use of Suleimanov winches for well deparaffinization and was the first in Ukraine to close a deal on gas supply through an OTC platform in 2018.

In 2021, the management decided to withdraw from the Russian market and sell all existing assets, and entered negotiations with a potential buyer.

[23][24] In 2023, JKX’s equity rights in one of the leading private oil and gas companies in Ukraine, Ukrnaftoburinnya (UNB), were expropriated by state authorities.

[25] Judicial authorities explained that the expropriation was carried out "to prevent the occurrence of emergencies related to the supply of oil and gas".

Pursuant to Sn 220 of the BVI Business Companies Act 2004 (as amended), the shares in JKX previously held by EGL have now vested in the Crown.

[31][32] Since June 2022, JKX Board is chaired by an energy sector top manager and foreign portfolio investor, Michael Bakunenko.