Britain's JKX finds gas in Hungary

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JKX Oil and Gas has found gas in the Hajdúnánás-1 exploration well in Hungary’s Pannonian Basin, the British exploration and production company announced on Monday.

“The well has now been completed as a potential future producer,” JKX said in a statement, adding that more drilling was needed to determine the discovery's commercial significance.

The well was drilled to a total depth of 1,166 meters and encountered three productive gas-bearing intervals, two in Miocene Pannonian sands and one in a Miocene volcaniclastic sequence.

The Hajdúnánás-1 discovery was made in the Hernád I and Hernád II licences which cover a total of 5,420 square kilometers in northeastern Hungary. JKX holds a 50% interest in the licenses.

This is the first well drilled on the licenses since the 2007 acquisition of 350 square kilometers of 3D seismic data.

Further drilling will be required to define the commercial significance of the Hajdúnánás -1 discovery. The next well is planned for the fourth quarter of 2008 and will initiate the appraisal of the three productive gas-bearing intervals and also target a deeper Miocene formation that could not be reached by the Hajdúnánás -1 well. Additional exploration wells are also planned in 2009 on other targets identified in the basin.

JKX has a 50% interest in two exploration licenses, Hernád I and Hernád II, covering 5,420 square kilometers in north Hungary. The Hernád licenses are 100% held by the operator, Hungarian Horizon Energy, which is a subsidiary of the US independent company Aspect Holdings. (MTI – Econews)

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