Half-yearly review 2016 29 July 2016

2

Disclaimer

This presentation contains certain forward-looking statements that are subject to the usual riskfactors and uncertainties associated with the oil and gas exploration and production business.

Whilst JKX believes the expectations reflected herein to be reasonable in light of the informationavailable to them at this time, the actual outcome may be materially different owing to factors beyondthe Group’s control or within the Group’s control where, for example, the Group decides on a changeof plan or strategy.

The Group undertakes no obligation to revise any such forward-looking statements to reflect anychanges in the Group’s expectations or any change in circumstances, events or the Group’s plansand strategy. Accordingly no reliance may be placed on the figures contained in such forward lookingstatements

Agenda

3

Summary 2016

Financial review

Operations review

Outlook

Average production of 10,393 boepd (2015: 8,611 boepd)

Production gains achieved through well-27 in Russia coming on line in late 2015 and an enhancement program targeting the technical potential of existing well stock in Ukraine

Updated Field Development Plans under final review

Monetization process of our Russian and Hungarian assets ongoing

Bond repayment of $12.3m made in February 2016. Bond liabilities reduced by $2.6m through bond repurchase program

Significant efficiencies and costs savings implemented at London headquarters and throughout the group

Summary 2016Restoring shareholder value at JKX

4

Agenda

5

Summary 2016

Financial review

Operations review

Outlook

Financial summary Tight cost control in the face of under-pressure revenues

Revenue down 20% at $35.4m resulting mainly from lower realisations in both Ukraine and Russia denominated in the US Dollar: Ukraine: $5.77/Mcf (2015: $8.25/Mcf) Russia: $1.47/Mcf (2015: $1.68/Mcf)

Loss from operations of $2.8m has been impacted by the decline in oil and gas prices and the further deterioration of local currencies but is an improvement on the loss of $7.3m for the same period last year

Despite the lower revenues, cash from operations more than doubled to $7.8m due to lower costs

Exceptional charges of $3.1m mainly relate to the replacement of the Board in January 2016

Group capital spend for the first half-year remains low pending completion of our Field Development Plans

6

Key Financials

($m) H12015

H1 2016

Change%

Group revenue 44.4 35.4 (20.3)

Loss from operations before exceptional items (7.3) (2.8) 61.6

Exceptional items - (3.1) N/A

Loss from operations after exceptional items (7.3) (5.8) 20.5

Cash from operations 3.5 7.8 >100

Capital expenditure 4.2 2.2 (47.6)

Realised gas price ($ per Mcf) 4.46 2.96 (33.6)

Realised oil price($ per bbl) 49.87 39.92 (20.0)

Group revenueReduction in revenues due to lower commodity prices

7

Group revenue declined by 20.3% to $35.4m mainly due to lower commodity prices and the weakening of local currencies which offset production gains

Group gas realisations were 33.6% lower at $2.96/Mcf largely due mainly to the weakening of the Ukrainian Hryvnia (by 20.6%) and the Russian Rouble (by 22.1%)

Group oil realisations were 20.0% lower at $39.92/bbl in line with international oil prices

Group revenues ($m)

44.4

35.4(8.4) (1.1)

(1.6) 2.1

0

5

10

15

20

25

30

35

40

45

50

1H2015 Ukraine gas revenues Ukraine oil revenues Ukraine LPG and otherrevenues

Russia revenues 1H2016

Loss from operationsImpacted by lower revenues

8

Results affected by $9.0m decrease in revenues as discussed on slide 7 Administrative expenses have increased due to higher legal costs related to the international arbitration

claim and court-mandated settlement of fees for the legal action previously taken against certain shareholders

DD&A charge reduced largely as a result of lower asset carrying values resulting from impairments recognised in Ukraine

Production based taxes decreased by $12.2m mainly due to reduction in gas production tax rate in Ukraine from 55% to 29% with effect from 1 January 2016

(7.3)

(2.8)

(5.8)

(9.0)2.4

1.9

(3.0)

(3.1)

-18

-16

-14

-12

-10

-8

-6

-4

-2

0

2

Loss fromoperations

1H2015

Sales Operating costs DD&A Production basedtaxes

Administrativeexpenses and

forex

Loss fromoperations

1H2016 (beforeexceptional items)

Exceptional items- remunerationand severance

costs

Loss fromoperations

1H2016 (afterexceptional items)

12.2

Loss from operations ($m)

Group capital spend remained low at $2.2m following a full review of operations and in anticipation of a new Field Development Plan (FDP) based on global best practices

Investment in Ukraine to support maintenance capex

Investment in Russia significantly reduced to $0.6m

Capital expenditure Low capital investment

9

20152016

Capital expenditure by country ($m)

1.7

2.3

0.2

1.5

0.6

0.1

0

0.5

1

1.5

2

2.5

Ukraine Russia Rest of the World

Movement in cashFocus to maintain liquidity

Key factors: Cash generated from operations improved to $7.8m Bond repayment of $12.3m made in February 2016. Further $1.7m used to repurchase 11

convertible bonds in June 2016 Despite significant payments in January and February 2016, liquidity has been successfully

managed

10

Movement in cash ($m)

25.9

18.47.8

(1.4)(2.2)

(10.9)(1.7) 0.9

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

31 December 2015 Cash fromoperations

Interest paid Purchase ofproperty, plant and

equipment andintangible assets

Bond repayment Repurchase ofcorporate bonds

Interest receivedand other cash

movements

30 June 2016

Agenda

11

Summary 2016

Financial review

Operations review

Outlook

Operational summary Key developments

12

Ukraine Elizavetovskoye – Maintained stable production from 3 wells Ignatovskoye – 3 velocity strings installed and re-started water injection Molchanovskoye – Successful workover of IG132 enhanced production Novo-Nikolaevskoye complex – Progress made on field development plans.

Implementation of enhancement list ongoing

Russia Koshekhablskoye - Steady production from wells 15, 20 and 25 Wireline intervention in Well 20 has meant no follow-up acid jobs required in H1 Well 27 acidized regularly to increase average production

Hungary No production in H1 2016 Farmout process underway Field Development Planning underway

Reserves & production

Group Reserves of 93.8 MMboe Production averaged 10,393 boepd, up 21% from the same period in 2015. Gas production is

40% higher in Russia and stable in the Ukraine. Oil production is 15% up in Ukraine

Ignatovskoye Field Successfully installed velocity strings in M155,

M157 and M159 Re-started water injection in Ignatovskoye Tubing replacement in IG106Molchanovskoye Field IG132 recompleted to the Devonian Recompletion of M163 into Devonian as part of

waterflood projectNovo-Nikolaevskoye Complex Field Development Plans to develop contingent

resources using the most up to date drilling and stimulation techniques

UkraineNovo-Nik area: Production Optimisation

13

Novo-Nikolaevskoye Complex

Reserves An update of the reserves is expected for the year end

Elizavetovskoye Field E301 and E302 production following

expected decline Salt treatments helping to arrest the

decline of production from E303 Field development plan in progress

Reserves An update of the Elizavetovskoye

reserves is expected for the year end

Ukraine Elizavetovskoye area: Focus on Production Optimization

14

Elizavetovskoye and West Mashivske Licenses

Steady production from wells 15, 20, 25 Well-27 being acidised regularly to

increase average rate Well design and FDP for the Callovian

reservoir initiated Reserves update on-going

RussiaKoshekhablskoye field: stable production

15

Agenda

16

Summary 2016

Financial review

Operations review

Outlook

Commencing development drilling in Ukraine once the Field Development Plan is approved

Completing our inherited legal battles in Ukraine and re-establishing a positive working relationship with all stakeholders

Monetization of our Russian and Hungarian assets is underway Mitigation of the $27.6 million bond payment liability due in February 2017

Outlook for 2H 2016 and 2017Focus on Ukraine

17

18

Our markets

Appendices

Loss for the periodImpacted by improvement in operations

19

$2.7m decrease in fair value movement on derivative liability is associated with the convertible bond since its placement on 19 February 2013

Loss for the period ($m)

(13.8)

(7.0)

(10.1)

4.5

2.7

0.3(0.7)

(3.1)

-16

-14

-12

-10

-8

-6

-4

-2

0

Loss after tax1H2015

Movement in lossfrom operations in

1H2016

Fair value onderivative liability

Net finance chargesand other

Increase in taxation Loss after tax (beforeexceptional items)

1H2016

Exceptional items Loss after tax (afterexceptional items)

1H2016