JKX Signs Share Subscription Deal with Benam Holdings

On March 26, 2004, JKX Oil & Gas signed a Subscription Agreement with Benam Holdings Limited which entitles Benam to subscribe for up to 4,100,000 ordinary shares of 10p each in JKX. In accordance with the terms of the Agreement, Benam is subscribing for 4,100,000 shares, at a subscription price of 64.75 pence per share, being the average closing middle market price for the three dealing days preceding the 26 March subscription date. Following this subscription the number of JKX shares in issue will be 140,303,039.

The new ordinary shares will rank pari passu with the existing ordinary shares in issue. Application will be made for the new ordinary shares to be admitted to the Official List of the UKLA and to the London Stock Exchange's market for listed securities ("Admission"). Admission is expected to take place on 13th April 2004.

The Company has entered into the Agreement to strengthen the relationship with Benam, who assisted JKX in achieving its first gas export from Ukraine in November 2003. The subscription proceeds will provide additional working capital for the Group's gas trading activities in association with Benam.

It has also been agreed that Benam may subscribe for up to a further 2,250,000 shares prior to 7th May 2004. The subscription price for any such additional shares will be set at a price per ordinary share equivalent to the average closing middle market price for the three dealing days preceding the relevant subscription date.

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