Convertible Bonds- Second Price Reset

PRESS ANNOUNCEMENT

FOR IMMEDIATE RELEASE

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. PLEASE SEE THE IMPORTANT INFORMATION NOTICE AT THE END OF THIS ANNOUNCEMENT.

20 AUGUST 2013

JKX OIL AND GAS PLC ("JKX" OR THE "COMPANY" OR THE "GROUP")

SECOND PRICE RESET

On 28 January 2013, JKX announced that it had entered into arrangements for the placing, subject to certain conditions, of US$40 million of guaranteed unsubordinated convertible bonds due 2018 (the "Bonds") with institutional investors.

As described in the announcement of the 19 February 2013, the conversion price of the Bonds initially set at 87.425 pence per Ordinary Share, was adjusted to 76.29 pence per Ordinary Share. Pursuant to the terms and conditions of the Bonds, as at the Second Reset Date this conversion price has not been adjusted and will remain at 76.29 pence per Ordinary Share for the remainder of the term.

ISM Capital LLP acted as sole bookrunner and lead manager in connection with the Bonds.

The definitions used in this announcement have the same meaning as defined in the Circular sent to shareholders on 28 January 2013.

For further information, please contact:

JKX Oil & Gas plc Tel: +44 (0)20 7323 4464

Dr Paul Davies, Chief Executive Officer

Cynthia Dubin, Finance Director

ISM Capital LLP Tel: +44 (0)20 7938 8984

Christopher Thurn

Edward Males

Cardew Group Tel: +44 (0)20 7930 0777

Anthony Cardew

Nadja Vetter

Canaccord Genuity Limited Tel: +44 (0)207 665 4500

Paul Baines

ISM Capital LLP is acting on behalf of the Company and no one else in connection with the Bonds and will not be responsible to any other person for providing the protections afforded to clients of ISM Capital LLP or for providing advice in relation to the Bonds.

Canaccord Genuity Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as financial adviser to the JKX Oil & Gas PLC and no-one else and will not be responsible to anyone other than the JKX Oil & Gas PLC for providing the protections afforded to clients of Canaccord Genuity Limited or for advising any such person in relation to any matter referred to herein.

IMPORTANT INFORMATION: No offer or invitation to acquire any securities is being made pursuant to this announcement. The distribution of this announcement and the Circular in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Circular comes are required by JKX to inform themselves about, and to observe, any such restrictions.