JKX Oil&Gas sells its subsidiary in Hungary for US$ 3 million

British oil and gas company JKX Oil&Gas, with assets in Ukraine and Russia, has agreed the terms of the sale of its Hungarian subsidiary Folyopart Energia KFT (Riverside Energy KFT) to Cypriot Starhol Holding Limited at US$ 2.9 million.

According to the Company’s website, the agreement is currently being approved by the Antimonopoly Committee of Ukraine. The review shall be completed in 4-8 weeks.

Riverside owns a number of licensed production areas in Hungary, has equipped facilities, but does not currently produce hydrocarbons. JKX Oil&Gas is engaged in the exploration and production of hydrocarbons in Ukraine, the Russian Federation and Hungary.

JKX Oil&Gas Plc, which shares have been listed on the London Stock Exchange since 1995, owns 100% of the Ukrainian-British Joint Venture Poltava Petroleum Company, established in 1994. The Group’s annual production in 2019 increased by 20%, from 8,937 boepd to 10,748 boepd.

In Russia, the Company production remained at the level of the previous year, 5,158 boepd. In Hungary, in 2019, JKX Oil&Gas has increased its hydrocarbon production by 93%, from 6 to 91 boepd.

18:40 / 10 March, 2020

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