On 9th March 2020 the company announced that it had agreed terms for the disposal of the entire share capital of JKX's wholly owned Hungarian subsidiary, Folyopart Energia KFT (Riverside Energy KFT ("Riverside") ("the Transaction").
Following pandemic related delays JKX has now received notification that the relevant Hungarian authorities have refused the necessary consent to the transaction pursuant to legislation introduced as a result of the current Covid-19 pandemic. Consequently, the transaction will not proceed.
Mr. Victor Gladun, Group CEO, said "Despite this development JKX will continue to explore other options in relation to Riverside in line with our previously announced strategy of focusing our portfolio on our most prospective opportunities."
Elements of this press release contain or may contain inside information about JKX Oil & Gas plc within the meaning of Article 7(1) of the Market Abuse Regulation (596/2014/EU) as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR") and is in accordance with the company's obligations under Article 17 of UK MAR.
