OREANDA-NEWS. Eclairs Group Ltd. ("Eclairs") outlines below its response to the requisitioning of an Extraordinary General Meeting of JKX Oil & Gas PLC ("JKX" or "the Company") by Proxima Capital Group Inc. ("Proxima"), and today's London High Court ruling in relation to JKX's attempt to restrict Eclairs and Glengary Overseas Limited from attending or voting at a general meeting of the Company.

Michael Bakunenko, Director of Eclairs Group Ltd, said: "We are very disappointed with the JKX Board's further confrontational attempts to deny the Company's largest shareholders their rights to vote at JKX's forthcoming EGM.  In response, yet again, Eclairs has been forced to commence urgent proceedings to protect its rights.  In the face of these proceedings brought by Eclairs, the Company has now given undertakings to the High Court to allow Eclairs to attend the forthcoming EGM and for its votes to be counted with suspensory effect pending further consideration by the High Court of whether the Company's latest actions are justified.  The Company's action is despite a recent Supreme Court ruling against the JKX Board who sought to impose an identical restriction in 2013. We believe that the purported restriction notice is being misused by the Company to deny Eclairs its legitimate rights and to distract shareholders from the central argument that the Company's value has been undermined for too long." 

 "As JKX's largest shareholder, Eclairs has since 2013 been expressing its concerns over JKX's operational and financial performance. We have been seeking to address the substantial loss of value in the Company and we have withdrawn our support for the existing Board. Following Proxima's memorandum, Eclairs has carefully examined the management candidates proposed by Proxima. Following a meeting with Proxima and with Tom Reed, who is being nominated as the new JKX Chief Executive, Eclairs intends to vote in support of the new board and Mr. Reed as independent CEO of the Company."

 "We have found Proxima's approach to be well balanced and transparent, and we cannot support a Board that has overseen years of underperformance. We are therefore backing a new independent and professional management team led by Mr. Reed, who brings with him substantial Oil & Gas experience, which we believe will see a re-building of JKX's performance and prospects."