21 Jan 2016 07:00
JKX OIL & GAS plc ("JKX")
announces
Further Award of Hungarian Production Licences
JKX Oil & Gas plc ("JKX") is pleased to report that it has been granted a further three 35-year production licences (mining plots) covering an additional area of approximately 124 sq km within its original Hernad I & II exploration licence areas. The licences are wholly owned by JKX's Hungarian subsidiary company.
- The Emod V production licence extends over 100 sq km and includes the Mezokeresztes Field which is believed to contain significant undrained reserves. The field was shut-in during the 1970's and up to 90% of the mapped oil originally in place (circa 15 MMbbl) remains in-situ.
- The Pely I production licence extends over 18 sq km and is centred on the 2010 discovery well Pely-2.This exploration well tested gas from Miocene-age Szolnok Formation sandstones. There are further prospects adjacent to the discovery within the licence area.
- The Jaszkiser II production licence covers an area of 6 sq km and incorporates the Jabba structure. It has been defined by the presence of amplitude anomalies consistent with those encountered at the successful Pely-2 well.
JKX has now successfully secured six production licences over a total area of 200 sq km within the Hernad exploration licence areas.
JKX Chief Executive, Dr Paul Davies commented:
"The award of these three additional production licences completes the process undertaken when JKX took full control of the Hernad licences. The awards clarify the position for potential farminees and we are looking forward to the completion of the farm-out process and renewed activity on our Hungarian licences 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:
Cardew Group T: 020 7930 0777
Anthony Cardew M: 07770 720 389
Nadja Vetter M: 07941 340 436
Emma Ruttle M: 07766 231 520