JKX.L Regulatory News (JKX)

20 Dec 2007 07:15

JKX Oil & Gas PLC20 December 2007 6 Cavendish Square, London W1G 0PD, England, UKTel: +44 (0)20 7323 4464 Fax: +44 (0)20 7323 5258Web site: http://www.jkx.co.uk FOR IMMEDIATE RELEASE 20 DECEMBER 2007 JKX OIL & GAS plc ("JKX") ANNOUNCES FARM-IN TO EXPLORATION LICENSES, HUNGARY JKX Oil & Gas plc ("JKX") is pleased to announce that it has farmed into twoexploration Licenses, Hernad I and Hernad II, covering a total of 5,420 sq km inthe north Hungarian Pannonian Basin. The Licenses are valid through 2013 subjectto a continuing work programme. JKX has farmed in for a 50% participating interest in the Licenses which arecurrently held 100% by the operator, Hungarian Horizon Energy ("HHE"), asubsidiary of Aspect Holdings LLC (formerly Aspect Energy), a private USindependent. HHE is a leading explorer in the Pannonian Basin and committed todeveloping energy resources in Hungary. JKX anticipates spending approximately US$7 million through the end of 2008 onan apportionment of exploration costs to date and drilling of the firstexploration well. The southern part of the Licenses includes a typical Pannonian Basinstratigraphy with the potential for both structural and stratigraphic trapswithin Miocene age reservoirs. A 3D seismic acquisition of 350 sq km hasrecently been completed within these Licenses. The large 3D seismic volume, incombination with the derived amplitude versus offset (AVO) data, has thepotential to reduce the exploration risk significantly for this type of play. In addition, several other play types in the northern part of the Licenses havebeen identified from 2D seismic data and offset well information, and remain tobe fully evaluated. JKX Oil & Gas plc is an exploration and production company listed on the LondonStock Exchange. The Company has license interests in Ukraine, Russia, Georgia,Bulgaria, Turkey, Italy and the United States. ENDS For further information please contact: Sofia Rehman Cardew Group 020 7930 0777 This information is provided by RNS The company news service from the London Stock Exchange