(Alliance News) - JKX Oil & Gas PLC has agreed to sell non-core assets for nearly USD3 million, the energy firm said on Monday.
JKX is selling Hungarian subsidiary Folyopart Energia KFT to Starhol Holding Ltd for USD2.90 million in cash. Folyoport, JKX said, is also known as Riverside Energy KFT.
Riverside has assets worth USD3.3 million, the company said. JKX has six production licences in Hungary.
"I am pleased that we are demonstrably executing on our previously announced strategy and taking steps to focus our portfolio on our most prospective opportunities," said Chief Executive Victor Gladun.
Shares were down 6.1% on Monday afternoon in London at 19.53 pence each.
JKX in February said it hjad become debt free, following the final payment of a bond issue. At the same time, Chief Financial Officer Ben Fraser said he would be leaving at the end of March.
By George Collard; georgecollard@alliancenews.com
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