Ukrainian Rig Remobilisation

JKX OIL & GAS plc ("JKX")

ANNOUNCEMENT OF

UKRAINIAN RIG REMOBILISATION

JKX Oil & Gas plc ("JKX") announces that it is restarting its in-field drilling and appraisal programme on the Novo-Nikolaevskoye Complex in March. The Skytop N75 rig will initially be mobilised to the Molchanovskoye field for a horizontal recompletion of the M-166 Devonian sandstone oil producing well.

The Skytop rig is scheduled to move to the Elizavetovskoye licence in June to spud the first of a planned 5-well development drilling programme. Drilling is also planned in 2013 on the Zaplavskoye licence, following completion of processing and interpretation of the 2012 additional 3D seismic data.

The Skytop rig is currently completing a one-well programme for another Ukrainian operator which is expected to complete later this month. The rig, which has been on long-term contract to the Company's wholly-owned subsidiary Poltava Petroleum Company ("PPC") since 2004, was contracted out in late Q3 2012 as part of the Company's cost management programme. More than 50% of the rig personnel are PPC staff.

JKX Chief Executive, Dr Paul Davies, commented:

"We are pleased to recommence the in-fill drilling programme on our core Ukrainian production licences, the production from which currently underpins our Group cash flow."

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:

Anthony Cardew / Nadja Vetter, Cardew Group 020 7930 0777