1.          Introduction

JKX Oil & Gas plc (the “Company" or "JKX") announces today its intention to place 14,257,270 new ordinary shares in the Company with institutional investors at a Placing Price of 265 pence per Placing Share to raise £37.8 million (approximately $61 million) before expenses.  Upon completion of the Placing, the Placing Shares will represent approximately 9.1 per cent. of the Existing Ordinary Shares or approximately 8.3 per cent. of the Enlarged Share Capital.