JKX Oil & Gas PLC Major shareholder change and director resignations (9522X)

TIDMJKX

RNS Number : 9522X

JKX Oil & Gas PLC

16 August 2018

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                                       [phone] 
   Jeroen van de Crommenacker           [phone] 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

MSCMMGMRGKMGRZZ

(END) Dow Jones Newswires

August 16, 2018 02:01 ET (06:01 GMT)