2nd Mar 2005 07:00
JKX Oil & Gas PLC02 March 2005 2-March 2005 JKX OIL & GAS plc ANNOUNCES BP AND TPOC FARM-IN TO GEORGIA BLACK SEA LICENSE JKX Oil & Gas plc ("JKX") is pleased to confirm that BP Exploration OperatingCompany ("BP") and Turkish Petroleum Overseas Company ("TPOC") have farmed-in tothe Georgia Black Sea license, comprising blocks IIa, IIb and III, held byAnadarko Georgia Ltd ("Anadarko"). The assignment of interest has been approvedby the State Agency for the Regulation of Oil & Gas Resources of Georgia and thenational oil company, Georgian Oil. The production sharing contract is now jointly held by Anadarko (48.0%), BP(38.5%) and TPOC (13.5%); JKX retains a 4% net profit interest in the productionsharing contract through its wholly owned subsidiary, JKX (Navtobi) Ltd. BP and TPAO, TPOC's parent company, jointly hold the license in the adjoiningTurkish Black Sea area and have announced plans to drill a well in mid 2005 onthis license. Anadarko completed a 1,100 sq km, 3-D seismic survey in the southernmostoffshore Georgia block in late 2004. The results of the survey, which willbecome available later this year, will be used to determine the next phase ofthe exploration programme in the block. JKX Oil & Gas plc is an exploration and production company listed on the LondonStock Exchange. The Company has license interests in Ukraine, Georgia, Russia,Italy and the United States. ENDS For further information please contact: Dr Paul Davies/ Bruce Burrows JKX Oil & Gas 020 7323 4464Anthony Cardew/Sofia Rehman Cardew Group 020 7930 0777 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
JKX.L