LONDON (Alliance News) - JKX Oil & Gas PLC on Monday said it has been granted three 35-year production licences in the former Hernad exploration licence areas in north-eastern Hungary.
The new licences include an extension of the existing Hajdunanas-IV production licence to the north east, the Tiszavasvari-IV licen and the Hajdunanas-V licence.
JKX has also submitted three further production licence applications on other areas in the former Hernad areas and expects these to be awarded by the end of the year.
"The award of these production licences marks the transition from exploration to appraisal and development of our Hungarian assets. With a farmout process underway for all current and potential licences, we are looking forward to a significant increase in activity during 2016," said Paul Davies, JKX's chief executive.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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