WM3 initial test results

LEI: 213800AS2I1XUAGQ6F27

2 May 2019

JKX Oil & Gas plc

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

WM3 initial test results

WM3, the first well drilled by Poltava Petroleum Company ("PPC"), JKX's subsidiary in Ukraine, on the undeveloped West Mashivska field in Ukraine, was initially tested at 126 Mcmd of gas and 19 bpd of condensate (761 boepd) with a wellhead pressure of 554 psi on a fully open choke. The initial production is expected to be around 100 Mcmd pending further evaluation of the new reservoir.

The entire prime target reservoir (A8), consisting of three sands has now been perforated across 19.5m. The rate achieved by this well has exceeded our expectations. This encouraging result, combined with the results of the interpretation of the recently acquired 3D seismic survey, will form the basis for the planning of the further development of the West Mashivska field.

This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation.

ENDS

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

Ben Fraser, CFO

EM Communications +44 (0) 20 7002 7860

Stuart Leasor, Jeroen van de Crommenacker