19 Jun 2020 11:16
LEI: 213800AS2I1XUAGQ6F27
19 June 2020
JKX Oil & Gas plc
("JKX", the "Company" or the "Group")
Result of AGM
JKX announces that at its AGM this morning Ordinary Resolutions 1, 2, 3, 4, 5, 6, 7, 8, 9 and 10 and Special Resolution 11 were passed. A table showing the voting is below.
Commenting on the AGM, Charles Valceschini, Chairman of JKX's Board, said, "The last twelve months have seen a unique combination of events. Yet despite facing a global pandemic, with all that this entailed, the collapse in hydrocarbon prices, and significant changes in the composition of the JKX Board, there have been many reassuring things to report.
"Your company is now debt free, for the first time in many years, with reserves of $14.7m of cash, cash equivalents and product inventory at 31 May 2020. Production for 1Q2020 was up 11% year on year after already rising by 20% over the full year 2019. A number of long-outstanding claims brought by the Ukrainian tax authorities have been settled in our favour and the Board has adjusted its previous work programme and budget with a view to increasing your Company's resilience in a challenging commercial environment.
"We are all too aware of the external challenges we face, but we believe that our fundamentals are sound and in a better position than they have been for years. We are confident that this will be recognised by the market."
VOTESFOR | % | VOTESAGAINST | % | VOTESTOTAL | % of ISC VOTED | VOTESWITHHELD | |
1 | 51,759,248 | 99.96% | 22,457 | 0.04% | 51,781,705 | 30.15 | 4,194 |
2 | 51,716,227 | 99.88% | 61,017 | 0.12% | 51,777,244 | 30.15 | 8,655 |
3 | 51,726,717 | 99.90% | 50,527 | 0.10% | 51,777,244 | 30.15 | 8,655 |
4 | 51,712,508 | 99.92% | 40,045 | 0.08% | 51,752,553 | 30.14 | 33,346 |
5 | 51,719,958 | 99.93% | 34,818 | 0.07% | 51,754,776 | 30.14 | 31,123 |
6 | 51,705,211 | 99.93% | 38,595 | 0.07% | 51,743,806 | 30.13 | 42,093 |
7 | 51,712,524 | 99.92% | 39,029 | 0.08% | 51,751,553 | 30.14 | 34,346 |
8 | 51,736,927 | 99.94% | 29,979 | 0.06% | 51,766,906 | 30.15 | 18,993 |
9 | 51,776,286 | 99.99% | 7,594 | 0.01% | 51,783,880 | 30.16 | 2,019 |
10 | 51,762,474 | 99.96% | 19,983 | 0.04% | 51,782,457 | 30.15 | 3,442 |
11 | 51,732,845 | 99.94% | 32,787 | 0.06% | 51,765,632 | 30.14 | 20,267 |
ENDS
EM Communications +44 (0) 20 7002 7860
Stuart Leasor, Jeroen van de Crommenacker
JKX.L (JKX)