7th Apr 2008 07:00
JKX Oil & Gas PLC07 April 2008 JKX OIL & GAS plc ("JKX") ANNOUNCES FARM-IN TO EXPLORATION LICENCES, SLOVAKIA JKX Oil & Gas plc ("JKX") is pleased to announce that it has entered into anagreement to acquire an interest in three exploration licences in the CarpathianFold Belt in Slovakia. The licences were awarded in August 2006 and cover atotal area of 2,278 sq km. JKX, through a wholly owned subsidiary, will acquire a 25% interest in theSvidnik, Medzilaborce and Snina licences which are currently held and operatedby three wholly owned local subsidiary companies of Aurelian Oil & Gas PLC("Aurelian"). JKX has agreed to fund the first €1.6 million of a 238 km, 2Dseismic programme to be shot in 2008, and a sum of approx €300,000, being 25% ofhistorical costs expended by Aurelian up to 1 January 2008. JKX will fund theacquisition from existing cash resources. Completion of the transaction is conditional on obtaining approval from theSlovakian Ministry of Environment. The Carpathian Fold Belt has been an active area for oil and gas exploration andproduction for many years. Advances in seismic imaging technology have resultedin recent discoveries in analogous structural settings in Poland. JKX believesthat similar exploration efforts in Slovakia, where there are numerous oil seepsand gas shows, could prove up an economic petroleum system in an area withpotential for dip-closed thrust traps of significant size. JKX Oil & Gas plc is an exploration and production company listed on the LondonStock Exchange. The company has licence interests in Ukraine, Russia, Bulgaria,Turkey, Hungary and the USA. 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:
JKX.L