JKX & Benam to Acquire Additional Ukraine Licenses

JKX has reached an Agreement in Principle with Benam Holdings Limited, the principals of which are active in the Ukrainian and Central Asian gas markets.

The intent of this Agreement in Principle is for JKX and Benam Holdings Limited to acquire additional production licenses in Ukraine and to seek a participation in Eural Trans Gas Kft which trades gas in Ukraine, Turkmenistan and Western Europe. It is anticipated this will also allow export of a proportion of gas produced by JKX's Ukrainian subsidiary, Poltava Petroleum Company, to the Western European market.