Starhol Holding Acquires JKX's Hungarian Subsidiary
Eastern Europe-focused E&P company JKX Oil & Gas Plc has agreed terms for the sale of the entire share capital of its wholly-owned Hungarian subsidiary, Riverside Energy KFT, to Starhol Holding Ltd., for a cash consideration of US$2.9 million. JKX intends to used the sales proceeds to fund its ongoing operations in Ukraine.
Riverside currently holds interests in a number of Hungarian production licenses, including the Hajdunanas IV, Tiszavasvari-IV, Emod V, Pely I, Jaszkiser II and Hajdunanas-V licenses with aggregate 3C contingent resources of approximately 0.7 million barrels of oil equivalent (MMboe). The company does not currently produce any hydrocarbons from these licenses.
The completion of the transaction remains subject to receipt of Ukrainian Anti-monopoly consent and is expected in 4 to 8 weeks.