JKX Oil & Gas plc

12/11/2017 | Press release | Distributed by Public on 12/11/2017 01:08

JKX appoints new directors

11 December 2017

JKX Oil & Gas plc ('JKX' or 'the Company')

JKX appoints new directors

JKX Oil & Gas plc announces the appointment of Adrian Coates, Michael Bakunenko and Vladimir Rusinov as Non-Executive Directors of the Company. These appointments are made with effect from 11 December 2017.

Adrian Coates is currently a director of Thor Explorations, a Toronto-listed mineral exploration company.He was a Non-Executive Director of Regal Petroleum from 2008 to 2017 and of Polyus Gold from 2010 to 2015. Mr Coates has many years experience in the investment banking industry, having held positions with HSBC, UBS and Credit Suisse First Boston, with a specialisation in the natural resources sector. Michael Bakunenko has been the Executive Chairman of the Board at PJSC Ukrnaftoburinnya ('UNB'), the third largest private oil and gas E&P Company in Ukraine since September 2015. JKX owns 10% of UNB. From 2011 to 2015 he was Deputy Board Chairman, Director of Corporate Development and Strategy at PJSC Ukrnafta, the largest oil company in Ukraine. Prior to this Mr. Bakunenko worked for 8 years in the investment banking industry, notably at Goldman Sachs in New York and Renaissance Capital in Moscow and Kiev. Mr Bakunenko is also a director of Eclairs Group Limited, the largest shareholder in JKX, with a 27.47% shareholding in the company.

Vladimir Rusinov has been Managing Director at Proxima Capital since March 2015. He was a Non-Executive Director of JKX from January 2016 to June this year. Mr. Rusinov previously served as the Head of Oil and Gas Investment Banking at Renaissance Capital. Prior to this, he worked at Goldman Sachs, Merrill Lynch and ABN AMRO.

The board now consists of Hans Jochum Horn (Chairman), Adrian Coates, Michael Bakunenko, Vladimir Rusinov, Andrey Shtyrba and Vladimir Tatarchuk. Messrs Horn, Coates and Shtyrba are independent non-executive directors. Adrian Coates is nominated as Senior Independent Director.With immediate effect, the Audit Committee will now consist of Adrian Coates (Chairman), Michael Bakunenko, Hans Jochum Horn, Vladimir Rusinov and Andrey Shtyrba. Mr. Shtyrba is appointed Chairman of the Remuneration Committee, with Hans Jochum Hornand Vladimir Tatarchuk as members. Hans Jochum Horn will chair the Nominations Committee with Adrian Coates and Andrey Shtyrba as members.

Commenting on the announcement, Hans Jochum Horn, JKX's Chairman, said, 'Good corporate governance is important to JKX and the board that we have announced today reflects a balance which represents the interests of all stakeholders. We expect to announce an additional independent director in the near future, to further strengthen the independence of the Board. We then want to concentrate on delivering the company's potential.'

The Company intends to call an EGM in the New Year to allow all shareholders to show their commitment to the composition of the new board.

There are no other matters requiring disclosure under Listing Rule 9.6.13.

ENDS

For further information please contact EM:

Stuart Leasor

[email protected]

T: +44 20 3709 5711

M: +44 7703 537721

Jeroen van de Crommenacker

[email protected]

T: +44 20 3709 5713

M: +44 7887 946719