JKX Awarded Renewal of Licence in Ukraine

JKX Oil & Gas obtained a renewal of its Zaplavskoye exploration licence from Ukraine’s authorities. 

‘The Zaplavskoye licence surrounds four of the Company's adjoining production licences in Poltava on their western, southern and eastern sides. An area to the south of the licence has been relinquished, whilst an area to the west of the licence has been added,’ reads a note released on Thursday. 

The UK-based company, which focuses on Ukraine and Russia, controls a total of 173 square kilometres. The licence area is valid until 31 December 2019. 

"The addition of the area on the west of the Zaplavskoye licence was stimulated by the encouraging results from our recent 3D seismic survey over the licence area. Scheduling of further exploration drilling is dependent on the lifting of emergency production tax increases and exchange controls,” JKX Chief Executive, Dr Paul Davies, commented in a note.