JFX Oil & Gas has been granted 35-year production licences in north-eastern Hungary.
The licences cover 75sqkm within its former Hernad I & II exploration licence areas.
JKX chief executive, Paul Davies, said: “The award of these production licences marks the transition from exploration to appraisal and development of our Hungarian assets.
“With a farmout process underway for all current and potential licences, we are looking forward to a significant increase in activity during 2016.”
JFX is targeting three further production licence applications on other areas within the former Hernad I and II exploration licence areas. Confirmation is expected to come at the end of the year.
