Rudenkovskoye Multi-Stage Frac Update

6 Cavendish Square, London W1G 0PD, England, UK

Tel: +44 (0)20 7323 4464, Fax: +44 (0)20 7323 5258

Web site: http://www.jkx.co.uk

12 February 2013

JKX OIL & GAS plc ("JKX")

Rudenkovskoye Multi-Stage Frac Update

JKX Oil & Gas plc ("JKX") is pleased to provide an update on the nine-stage fracture stimulation project on the 1-km horizontal section of well R-103 in the Rudenkovskoye deep tight-gas field near Poltava, Ukraine. The R-103 well was worked over in the second half of 2012 with the removal of the existing slotted liner and its replacement by a cemented liner.

The preparation and extension of the R-103 well site has now been completed including preparation of roads and load area for the frac fleet comprising 14,000hp of pump trucks, full well test spread, coiled tubing services, materials handling and laboratory services. Additional water wells have been drilled and three large frac-pits constructed. The complete well-site is now ready for operations.

The large frac materials order is placed and includes 1,200 tons of proppant and over 100 tons of other chemicals and consumables. These are being shipped primarily from the USA to arrive on location in advance of the scheduled May field operations. Mobilisation of the Schlumberger frac fleet will coincide with materials delivery.

The frac operation itself is scheduled to take at least one month with further time needed for the well to clean up. Meaningful results from the frac should be available around late July 2013.

JKX's wholly-owned subsidiary, Poltava Petroleum Company, holds a 20-year production licence for the Rudenkovskoye field. Rudenkovskoye is one of the four contiguous production licences comprising the Novo-Nikolaevskoye Complex.

JKX Chief Executive, Dr Paul Davies, commented:

"This is one of the most important projects in the JKX portfolio and has the potential to kick-off the full-scale development of our largest licence in Ukraine. I am pleased to confirm that we are on-track for the second quarter frac programme."

JKX is an exploration and production company listed on the London Stock Exchange. The Company has licence interests in Ukraine, Russia, Hungary, Slovakia and Bulgaria.

ENDS

For further information please contact:

Nadja Vetter/Alexandra Stoneham, Cardew Group 020 7930 0777