16 Aug 2018 07:00
16 August 2018
JKX Oil & Gas plc ("JKX" or "the Company")
Change of major shareholder and resignation of directors
The Company has been notified by Proxima Capital ("Proxima") that it has sold its entire 19.97% shareholding in JKX to Cascade Asset Management ("Cascade"), a company incorporated in Grand Cayman. The transaction was completed on 14 August 2018.
The Company has subsequently been informed by Cascade that the ultimate beneficial owner of Cascade is Vitalii Khomutynnik, a business man and member of the Ukrainian Parliament.
Vladimir Tatarchuk and Vladimir Rusinov, who served as representative directors of Proxima on the board of the Company, have both resigned with immediate effect. There are no current plans to replace them.
Hans Jochum Horn, Chairman of JKX, commented, "I would like to thank Vladimir Tatarchuk and Vladimir Rusinov for their support and contribution during a challenging phase in the Company's history. The Interim Results demonstrate that we are making progress in stabilising the business and restoring shareholder value. We would like to welcome Cascade as a shareholder in the Company. The Board is committed to active engagement with all shareholders and we look forward to building a constructive relationship with Cascade."
ENDS
EM Communications
Stuart Leasor +44 (0) 7703 537721
Jeroen van de Crommenacker +44 (0) 7887 946719
JKX.L (JKX)