Issue of Convertible Bonds

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.

19 FEBRUARY 2013

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

ISSUE OF CONVERTIBLE BONDS

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.

JKX is pleased to announce that the Bonds have been issued and will have an annual coupon of 8.00 per cent per annum. Pursuant to the terms and conditions of the Bonds, the conversion price initially set at 87.425 pence per Ordinary Share, has been adjusted to 76.29 pence per Ordinary Share.

It is intended in due course that application will be made for the Bonds to be admitted to the official list of the Luxembourg Stock Exchange and to trading on the Euro MTF. Admission will be conditional on the approval of listing particulars in respect of the Bonds and is expected to occur by no later than the first interest payment date under the Bonds, being 19 August 2013.

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 Hawkpoint 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 Hawkpoint 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 Hawkpoint 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.