JKX are a growth oil and gas company, principally based in the Ukraine, but also present in several other countries, and have recently presented some excellent results.




JKX corporate website : http://www.jkx.co.uk/index.cfm

Poltava Petroleum : http://www.ppc.net.ua/inf_en.html

Annual report 2005 : Click HERE

StockMarketWire.com
JKX Oil & Gas is 'particularly disappointed' by the withdrawal of support for the current board by 20% shareholder Proxima Capital Group.

It said that further to the announcement on 12 May in relation to the most recent request from Eclairs Group to propose ordinary resolutions to appoint Michael Bakunenko as a director of the company and to remove certain directors from office at the next annual general meeting, the board had met to discuss its recommendations in respect of the revised proposal by Eclairs.

JKX said that during the board's deliberations, it became clear that Proxima Capital Group, the company's 20% shareholder, and its two nominee directors, no longer supported the current composition of the board, and instead favoured a significant restructuring.

It said: Proxima have neither proposed any particular board composition, nor disclosed how they intend to vote on the Eclairs proposals or the draft AGM resolutions being prepared by the company.

"They have however notified the Board that they may choose to do so in the future.

"As a consequence, the remaining board directors expect that some, if not all, of the AGM resolutions which will be sent to shareholders in the coming days will not have the unanimous recommendation of the board.

"The executive and independent directors are particularly disappointed to be announcing the withdrawal of support by Proxima, the shareholder that led last year's overhaul of the board, at a time when the company is launching the groundbreaking field stimulation programme announced only yesterday, a central plank of the turnaround strategy previously supported by Proxima.

"The executive and independent directors will, over the coming days, carefully consider the AGM resolutions which best serve and protect the interests of the company, and the corresponding recommendations they will make to shareholders.

"In the meantime, shareholders should take no further action."