Repurchase of Convertible Bonds

19 October 2016

JKX Oil & Gas plc

("JKX", the "Company" or the "Group")

Repurchase of Convertible Bonds

JKX Oil & Gas plc confirms that on 19 October 2016 it repurchased in the market $6.4 million of the principal amount of the Company's remaining $22.4 million convertible bonds due in 2018 ("the Bonds"), at an average price of 94 per cent of par value plus accrued unpaid interest, reducing the overall cost of finance. The Company intends to cancel the bonds that it has repurchased.

As a result of the repurchase the Company has avoided associated interest and redemption costs of $0.9 million that would have been incurred through to the first available Bondholder put option in February 2017.

Following this repurchase, $16.0 million of the Bonds remain outstanding. The Company may make further repurchases of Bonds and also continues to explore various options for restructuring the remaining Bonds.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale or purchase of securities in any jurisdiction where such sale or purchase is unlawful. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

ENDS

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

Russell Hoare, Chief Financial Officer

Stockdale Securities +44 (0) 20 7601 6100

Robert Finlay, Daniel Harris

EM Communications +44 (0) 20 3709 5711

Stuart Leasor, Jeroen van de Crommenacker