19th Aug 2009 07:00
19 August 2009
JKX OIL & GAS plc ("JKX")
ANNOUNCES
FIRST HUNGARIAN GAS DEVELOPMENT ON-STREAM
JKX Oil & Gas plc ("JKX") is pleased to announce the commencement of commercial gas production from the Hajdúnánás field in north east Hungary. The field has come on-stream at an initial rate of 3.5 MMcfd from the Hajdúnánás -1 well, following its initial discovery in August 2008. The Hajdúnánás -2 well is scheduled to come on-stream within one month and, together, production is expected to increase to approximately 8.5 MMcfd.
The newly completed Hajdúnánás gas plant is connected via a 14.7 km, 8-inch diameter pipeline to a tie-in and fiscal metering point on the national gas network. A gas sales contract has been concluded with Fogaz Zrt, the Hungarian subsidiary of the German utility, RWE.
The Hajdúnánás Field is the first development on the Hernád licences which cover a total of 5,420 sq km. JKX holds a 50% interest in the licences. Exploration work is ongoing on the Hernád licences with additional drilling results expected through the remainder of the year.
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 and Georgia.
ENDS
For further information please contact:
|
Catherine Maitland / Matthew Law |
Cardew Group |
020 7930 0777 |
Related Shares:
JKX.L