JKX Oil & Gas plc ("JKX") announces that its wholly owned Ukrainian subsidiary,
Poltava Petroleum Company ("PPC"), has concluded a Gas Sale and Purchase
Agreement ("GSA") with Shell Energy Ukraine for domestic delivery of a minimum
of 250 million cubic metres (8.75 billion cubic feet) of gas over a 12 month
period commencing September 2006 after an initial delivery in August 2006.
The GSA contains provisions to increase the gas delivered above the contracted
volume and to extend the term of the contract.
In June of this year, Shell signed a Joint Activity Agreement with the state oil
and gas company, Naftogaz of Ukraine ("NAK"), relating to exploration in the
Dneiper-Donetsk basin. Shell Energy Ukraine has also recently been granted a
natural gas trading licence by the National Energy Regulatory Commission of
Ukraine. Shell Energy Ukraine is the local operating business for Shell Energy
Europe, the European natural gas marketing business of Royal Dutch Shell plc.
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