Wednesday, JKX Oil & Gas Plc (JKX.L) and Aurelian Oil and Gas Plc (AUL.L) said that they have signed a letter of intent with Gold Point Energy Corp. (GPE.V) in relation to the B Golitza and B1 Golitza licences in Bulgaria, of which JKX and Aurelian respectively hold a 50% interest.
Under the terms of LoI, Gold Point has agreed to pay 40% of a 250 square kilometer 3D seismic survey plus 40% of the cost of two shallow test wells to earn a 20% working interest in the block.
Gold Point's obligation to pay 40% of the seismic and drilling costs is subject to a cap of $5.0 million, after which it pays 20% of the costs.
The current estimate of the costs for the 3D survey is $7.5 million. GPE's share of that US$7.5 million would be US$3.0 million.
Data acquisition for the 3D Survey is scheduled to commence in September, and be completed by year-end. In light of the rising costs of seismic work, the sale of working interest in the Golitza block will reduce JKX's overall exposure to costs while positioning the company well to benefit from any future upside from this asset.
JKX.L closed Wednesday's regular trading at 506.00 pence, down 15.00 pence or 2.88%. AUL.L ended Wednesday's regular trading at 41.90 pence, down 0.10 pence. GPE.V is currently trading up 6 cents or 48.00% at C$0.19.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.