JKX Oil & Gas inks deal to farm-in to Hungarian exploration license

Falcon is a global energy company with projects in Hungary, Australia & South Africa

Developing large acreage positions of unconventional and conventional oil and gas resources

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JKX Oil & Gas inks deal to farm-in to Hungarian exploration license

posted on Apr 15, 2009 05:47AM

JKX Oil & Gas inks deal to farm-in to Hungarian exploration license

http://www.portfolio.hu/en/cikkek.td...

Wednesday, April 15, 2009 02:19:00 PM

JKX Oil & Gas plc, a FTSE 250 exploration and production company, has entered into an agreement with Hungarian Horizon Energy (HHE), a subsidiary of the private US independent Aspect Holdings LLC, to farm-in to a 15.6 square-kilometre area of the Vésztő exploration licence which covers 219 sq km in the east Hungarian Pannonian Basin. HHE is the operator of both JKX's Hernád and Nyírség licences in Hungary.

Under the terms of the agreement, JKX will acquire a 25% interest in the part licence by contributing its share of the costs of the first well in addition to contributing to back costs.

JKX anticipates expending up to USD 3.25 million in the next quarter on the drilling of both the current exploration well and one further contingent well, and an apportionment of exploration costs to date.

A 3D seismic survey covering the entire licence has been completed and interpreted with two prospects identified. The target horizons are amplitude supported Miocene clastic and volcanoclastic intervals within four-way dip closed structures. The results of the first well are expected this quarter.

JKX Oil & Gas plc

JKX Oil & Gas plc is a FTSE 250 exploration and production company.

Listed on the London Stock Exchange, the Companys principal interests are located in Ukraine and Russia, with additional interests in Georgia, Bulgaria, Hungary, Slovakia, Turkey and USA.

JKX has a 50% interest in two exploration licences in north Hungary, Hernád I (2,909 sq km) and Hernád II (2,511 sq km), covering a total area of 5,420 sq km.

The licences are 100% held by the operator, Hungarian Horizon Energy, which is a subsidiary of the US independent company, Aspect Holdings.

A 3D seismic acquisition of 350 sq km was completed in the licence in late 2007. Interpretation of the seismic data has commenced and potential drilling prospects are being identified for the drilling of up to two wells in late 2008.

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