AGM Update

FOR IMMEDIATE RELEASE

JKX OIL & GAS PLC ("JKX" or the "Company")

The Board of JKX announces that, following extensive enquiries pursuant to section 793 of the Companies Act 2006, it has today issued notices to both Eclairs Group Limited ("Eclairs") and Glengary Overseas Limited ("Glengary") (and their nominees) restricting each of them, amongst other things, from attending or voting at a general meeting of the Company. 

These enquiries were made in the interests of all shareholdersto determine the ownership structure and voting arrangements behind the 27.55 per cent. of the issued share capital of JKX held by Eclairs (through its nominee) and the 11.45 per cent. of the issued share capital of JKX held by Glengary (through its nominee). JKX understands that Eclairs, a British Virgin Islands registered company, is ultimately owned 59.1 per cent. by Mr Igor Kolomoisky and 40.9 per cent. by Mr Gennadiy Bogolyubov and family. Despite continuing efforts, JKX has not been able to ascertain particulars of the arrangements between Mr Kolomoisky and Mr Bogolyubov relating to the exercise of the voting rights in JKX held indirectly through Eclairs. Further, JKX understands that Glengary, another British Virgin Islands registered company, is controlled by Mr Alexander Zhukov from whom Mr Kolomoisky indirectly acquired his original indirect shareholding in JKX. Despite continuing efforts, JKX has not been able to ascertain particulars of the arrangements between Eclairs, Mr Kolomoisky and Mr Bogolyubov, on the one hand, and Glengary and Mr Zhukov, on the other hand, relating to the exercise of voting rights in JKX.

The restriction notices have been issued in accordance with JKX's articles of association as a result of incomplete and inadequate responses provided by Eclairs and Glengary (and their respective ultimate interest holders) to JKX's enquiries under section 793 of the Companies Act 2006.

As a result of the issue of these restriction notices, 66,943,371 voting rights in JKX are suspended (equal to 38.98% of the total voting rights in JKX).

In accordance with the Financial Conduct Authority's Disclosure and Transparency Rule 5.6.1R:

1. JKX's issued share capital comprises 172,125,916 ordinary shares of £0.10 each, each with one vote.

2. 402,771 ordinary shares of £0.10 each are held in treasury. These shares are not taken into consideration in relation to the payment of dividends and voting at shareholder meetings.

3. The total number of current voting rights in JKX is 104,779,774. This figure may be used by shareholders (and others with notification obligations) as the denominator for the calculation by which they may determine, if required, their interest in, or a change to their interest in, JKX under the Disclosure and Transparency Rules.

ENDS

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