JKX.L Regulatory News (JKX)

25 Nov 2008 12:23



FOR IMMEDIATE RELEASE 25 NOVEMBER 2008

JKX Oil & Gas plc ("JKX")

Announces

Hungarian Farm-in

JKX Oil & Gas plc ("JKX") has entered into an agreement with PetroHungaria (a subsidiary of Ascent Resources plc) and its partners in the Penészlek Exploration Project to farm-in to a 120 sq. km area of the western part of the Nyírség Szatmár licence in Hungary. Under the terms of the agreement, JKX will acquire a 33.3% interest in the project by contributing 50% of the costs of a 3-D seismic survey over the farm-in area. The seismic acquisition programme is now underway.

The farm-in area is a few kilometres south of the Hajdúnánás-1 gas discovery (JKX: 50%) and some 70 km north-west of PetroHungaria's PEN-104 well that commenced gas production in August 2008. The new 3-D seismic survey is designed to delineate other potential gas prospects and to identify suitable drilling locations.

Other participants in the project are the operator Hungarian Horizon Energy (33.3%), PetroHungaria (17.5%), DualEx (12.5%), Geomega (2.67%), and Swede Resources (0.67%).

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, Bulgaria, Slovakia, Turkey,  Georgia and the United States.

ENDS

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