16 Nov 2015 07:00
JKX OIL & GAS plc ("JKX")
announces
Award of Hungarian Production Licences
JKX Oil & Gas plc ("JKX") is pleased to report that it has been granted three 35-year production licences ("mining plots") covering an area of approximately 75 sq km within its former Hernad I & II exploration licence areas in north-eastern Hungary. The licences are wholly owned by JKX.
- The existing Hajdunanas-IV production licence (which encompasses the Hajdunanas Field) has been extended to the north-east to include an extension to the Miocene play productive in the Hajdunanas-1 well. The licence extension covers 15 sq km, increasing the total area of the licence to 25 sq km.
- The Tiszavasvari-IV production licence extends over 44 sq km and is centred on the 2010 discovery well Tiszavasvari-6. This well encountered a hydrocarbon column of more than 300m in a small fault block adjacent to a larger up-dip fault block which provides considerable additional upside potential.
- The Hajdunanas-V production licence covers an area of 15 sq km and incorporates the Chevelle structure. It has been defined by the presence of significant gas shows in Pannonian reservoir rocks intersected down-dip of the mapped closure during the drilling of the Tiszavasvari-6 well.
JKX has submitted three further production licence applications on other areas within the former Hernad I and II exploration licence areas. JKX expects confirmation of further awards by year-end.
JKX Chief Executive, Dr Paul Davies commented: "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."
JKX Oil & Gas plc is an exploration and production company listed on the London Stock Exchange. The Company has licence interests in Ukraine, Russia, Hungary and Slovakia.
ENDS
For further information please contact:
Anthony Cardew/Nadja Vetter, Cardew Group T: 020 7930 0777
M: 07941 340436