Zaplavskoye Licence 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

15 February 2013

JKX OIL & GAS plc ("JKX")

Zaplavskoye Licence Update

JKX Oil & Gas plc announces that it has completed the acquisition of its 40 square kilometre 3D seismic programme on its Zaplavskoye exploration licence in Ukraine. The additional data set will facilitate the identification of additional targets in the Visean sandstones which form the main reservoirs in this area of the licence. The appraisal programme follows the successful well Z-4 discovery which was drilled in 2012.

Data processing is being performed by Tricom Geophysical in Denver and is scheduled for completion by the second quarter of 2013 when interpretation will be undertaken. Data will be merged with the recently reprocessed main Novo-Nikolaevskoye field 3D seismic surveys where imaging resolution has been improved appreciably. This has advanced the understanding of both the Tournasian Carbonate and Devonian Sandstone reservoir development in the area where it is now believed the carbonate play extends further off-structure than previously modelled.

Results of the seismic interpretation will also be used in the development planning phase of water flood projects currently being assessed in the Molchanovskoye North and Ignatovskoye fields. These projects have the potential to improve oil recovery factors significantly in those areas. Studies are currently underway to firm up all these plays into targets for the 2013-2014 drilling programme.

JKX Chief Executive, Dr Paul Davies, commented: "I am pleased to see that improving seismic acquisition and processing techniques allow our teams to refine their understanding of this complex area and to appraise the development potential of the large Zaplavskoye licence."

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