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JKX agrees to 33.3% stake in Hungarian farm-in project

JKX agrees to 33.3% stake in Hungarian farm-in project

26 November 2008

JKX Oil & Gas (JKX LN) said in a release yesterday that it has agreed with PetroHungaria and its partners to farm-in to a 120 sq km area of Nyirseg Szatmar license in Hungary. JKX will get a 33.3% interest in the project by contributing 50% of the costs of a 3D seismic survey of the farm-in area. The seismic survey is designed to determine other potential gas prospects and drilling locations. JKX has license interests in Ukraine, Russia, Hungary, Bulgaria, Slovakia, Turkey, Georgia and the US.

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