Microsoft Word - JKX - Response to Proxima announcement - 22 01 16




22 January 2016


JKX OIL & GAS plc ("JKX")


The Board of JKX notes the announcemen made today by Proxima Capital Group ("Proxima")


The Board reiterates the position set out in its Circular to shareholders dated 31 December 2015

which has received the support of the leading corporate governance advisory instit

tion, ISS.

The Circular details the creditable performance of JKX against the extremely difficult constraints arising from JKX's main operations being in Ukraine and substantial decline in worldwide oil and gas prices.


The Circular also gives very clear reasons why, in the interests of shareholders as a whole, shareholders should vote against the Proxima resolutions. Prox ma has failed to respond to the Board's substantial concerns.


Furthermore, the Company has noted that Proxima queries why the Company has been raising

standard questions regarding disclosure

of interests in the Company's shares. Such requests

are normal, especially where shares are held through a series of offshore trusts, as they are in Proxima's case.


ISS has recommended shareholders to vote against all of Proxima's proposed resolutions. The Board of JKX unanimously recommends shareholders to follow that advice.


ENDS


For further information please contact:

Cardew Group Anthony Cardew Nadja Vetter

T: 020 7930 0777

M: 07770 720 389

M: 07941 340 436

JKX Oil & Gas plc issued this content on 22 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 February 2016 11:40:25 UTC

Original Document: http://www.jkx.co.uk/~/media/Files/J/JKX/press-release/2015/JKX response to Proxima announcement.pdf