9 May 2017 07:00
9 May 2017
JKX OIL & GAS PLC
("JKX" or "the Company")
Update on request from Eclairs Group Limited
We refer to the announcements issued by the Company on 18 April 2017 and 5 May 2017 and the resolutions proposed for the AGM by Eclairs Group Limited ("Eclairs") to appoint Mr Michael Bakunenko as a Director of the Company and remove the seven current Directors from the Board, such appointments and removals to take effect from the end of the meeting (together, the "Proposed Resolutions").
We have written to Eclairs noting the apparent inconsistency between the outcome of such Proposed Resolutions being passed (i.e. Mr Bakunenko becoming the sole Director of the Company) and the requirements of both UK companies' legislation and the Company's constitution and requesting that Eclairs clarifies its position as soon as possible.
The Board of Directors are scheduled to hold a meeting later this week to discuss, inter alia, the proposals from Eclairs referred to above and separate proposals from another significant shareholder, Proxima Capital, regarding the composition of the Board. The Company will provide an update following that meeting. In the meantime, shareholders should take no further action.
This announcement contains inside information as defined in EU Regulation No. 596/2014 and is issued in accordance with the Company's obligations under Article 17 of that Regulation.
ENDS
JKX Oil & Gas plc +44 (0) 20 7323 4464
Russell Hoare, Chief Financial Officer
Stockdale Securities +44 (0) 20 7601 6100
Robert Finlay, Daniel Harris
EM Communications +44 (0) 7887 946 719
Jeroen van de Crommenacker, Stuart Leasor