JKX Awarded Extension to Zaplavskoye License

Eastern Europe-focused junior producer JKX Oil & Gas announced Wednesday that it has been awarded a further five-year term on its Zaplavskoye exploration license by the Ukrainian authorities.

The Zaplavskoye license surrounds four of JKX's adjoining production licenses in Poltava on their western, southern and eastern sides. An area to the south of the license has been relinquished, whilst an area to the west of the license has been added. The license area now totals 65 square miles and is valid until December 31, 2019.

JKX Chief Executive Dr Paul Davies commented in a company statement:

"The addition of the area on the west of the Zaplavskoye license was stimulated by the encouraging results from our recent 3D seismic survey over the license area. Scheduling of further exploration drilling is dependent on the lifting of emergency production tax increases and exchange controls."