Yes. Licenses for a product can run with the original product (for example, Server Express 1.0) and any updates for that product (for example, Server Express 1.1). However, you cannot use licenses from earlier products, such as Object COBOL Development System with a later product such as Server Express. Also you cannot use 32-bit licenses with 64-bit Server Express on AIX, nor 64-bit licenses with 32-bit Server Express on AIX.
For details on deployment licenses, see your Deployment License Management Guide.