JKX Oil & Gas wins three Hungarian licences

JKX Oil & Gas has won three Hungarian licences
JKX Oil & Gas has won three Hungarian licences

JKX Oil & Gas has been granted a further three licences in Hungary.

The company said they will be three 35-year production licences covering an additional area of 124sq km within its original Hernad I and II exploration licence areas.

The licences are wholly owned by JKX’s Hungarian subsidiary company.

The Emod V production licence extends over 100sq km and includes the Mezokeresztes Field which is believed to contain significant undrained reserves.

JKX also gained licences for Pely I and the Jaszkiser II production licence incorporating the Jabba structure.

The firm has now secured six production licences over a total area of 200sq km within the Hernad exploration licence areas.

Earlier this month, JKX Oil & Gas has received backing from corporate governance specialist ISS in rejecting all resolutions proposed by Proxima Capital Group which is accused of trying to “seize control” of the company.

ISS has recommended that JKX investors vote against resolutions put forward by Proxima, its second-largest shareholder at an EGM on January 28.

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