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Results of the JKX Board Meeting

On 30 June 2017, the Board convened a meeting following the JKX AGM and considered the implications of the votes.

The Board has agreed on a transition period, which is expected to last for three months. During this period Tom Reed and Russell Hoare will remain in an advisory capacity as advisor to the CEO and acting CFO respectively. At the same time, Victor Gladun, the current General Director of Poltava Petroleum Company, has been appointed acting CEO.

Paul Ostling, non-executive Chairman said that among our priorities for the transition period would be to determine the optimum composition of Board and management team to take the company forward.

Paul Ostling also thanked Tom Reed and Russell Hoare for their service and for their commitment to continue in an advisory capacity during the transition period, and thanked Vladimir Rusinov for his contribution to the Board over the past 18 months, as well as all our employees for their continued commitment, focus and service.