13th Oct 2005 07:00
JKX Oil & Gas PLC13 October 2005 FOR IMMEDIATE RELEASE 13 October 2005 JKX OIL & GAS plc ANNOUNCES FARM-IN TO EXPLORATION LICENSES, ONSHORE TURKEY JKX Oil & Gas plc ("JKX") announces that it has farmed into onshore explorationlicenses AR/AME/3998 and AR/AME/3999 in the Thrace region in the west of Turkey.These two licenses covers a total of 897 sq km. JKX will earn a 25% interest inthe licenses by paying 50% of the costs of study work and new seismic up to amaximum of US$415,000. The licenses contain two strong leads, but additional seismic is required toconfirm the presence of a drillable prospect. The seismic is planned for 2006and a first well could be drilled in 2007. The target formations are tertiarysands which produce gas from a number of fields in Thrace. The closest producingfield is 25km to the east. The permits are currently held 100% by Aladdin Middle East ("AME"). Tethys OilTurkey AB ("Tethys") is acquiring a 25% interest on the same terms as JKX.Following the farm-in, the license interests will be: AME 50% (operator); JKX25%; and Tethys 25%. This agreement represents the second farm-in to licenses covered by theMemorandum of Understanding between JKX and AME as announced in May 2005. JKX Oil & Gas plc is an oil and gas exploration and production company listed onthe London Stock Exchange. The company has license interests in Ukraine,Georgia, Italy, Bulgaria, Turkey, Russia 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 ExchangeRelated Shares:
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