Bulgaria Exploration Update

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Tel: +44 (0)20 7323 4464 Fax: +44 (0)20 7323 5258

Web site: http://www.jkx.co.uk

6 October 2010

JKX OIL & GAS plc ("JKX")

ANNOUNCES

BULGARIA EXPLORATION UPDATE

JKX Oil & Gas plc ("JKX") announces that the Staro Oryahovo South R-01 exploration well, on the B1 Golitza licence (1,149 sq km) in east Bulgaria, has been drilled to a total depth of 1,875m. Gas shows were encountered during drilling of the target Avren Formation submarine fan sandstones, but subsequent log analysis demonstrated that the target was water wet. The well was drilled on time (29 days) and under budget. It is currently being plugged and abandoned.

The rig will now be moved to the Shkorpilovtci South West R-01 location to test an amplitude supported channel sand complex of Late Eocene age. The well is expected to take 15 days to drill to a TD of 875m. Prospective resources for this feature are estimated at 20-30 BCF.

JKX (40%) operates the Golitza B1 licence with co-venturers Balkan Explorers (30%) and Sorgenia (30%).

JKX Oil & Gas plc is an exploration and production company listed on the London Stock Exchange. The Company has licence interests in Ukraine, Russia, Bulgaria, Hungary and Slovakia.

ENDS

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