6Operational focus and assets continuedIn our core regions of Ukraine, Russia and Hungary, our portfolio now extends to 14 assets with activities spanning the full-cycle E&P value chain from exploration, appraisal and development through to production.We seek to maximise output from our current production base in Ukraine and commercialise undeveloped discoveries already held in the portfolio in Russia and in Hungary. First Gas from the Koshekhablskoye fi eld will demonstrate that one of our core strengths is the ability to turn reserves into production revenue and cash fl ow to re-invest across the business.We continually review our portfolio of assets to maximise return on investment and cash fl ow from our exploration and production assets through strategic portfolio management. JKX has 100% interest in its licences except for the following: * JKX has a 50% interest in this licence area ** JKX has a 25% interest in this licence area *** JKX has a 18% carried interest in this licence areaAsset life cycle Licence area UKRAINERUSSIAHUNGARYBULGARIASLOVAKIACountryExplorationAppraisalDevelopmentProductionIgnatovskoyeMolchanovskoye NorthMolchanovskoye MainNovo-NikolaevskoyeRudenkovskoyeMolchanovskoye Wedge ZoneElizavetovskoyeZaplavskoyeSvidnik**Medzilaborce**Snina**Provadia***Koshekhablskoye OxfordianKoshekhablskoye CallovianHajdunanas*Gorbehaza*Turkeve*HernadI, II*Veszto**

JKX Oil & Gas plc Annual Report 20117At a glance01-17Board statements18-23Operational review24-36Financial review37-47CSR review48-61Directors' reports62-83Financial statements84-136Reserves proved and probable MMboe/depth as at 31 December 2011FieldsIgnatovskoye>p26Molchanovskoye North & Main>p27Novo-Nikolaevskoye>p25, 28RudenkovskoyeElizavetovskoye>p29>p31Koshekhablskoye>p32Hajdunanas and Gorbehaza>p34UKRAINERUSSIAHUNGARYRemaining total reserves as at 31 December 20111 Jan 2011 Revisions Production 31 Dec 2011TOTALOil MMbbl 7.0 (2.8) (0.9) 3.3GasBcf 468.5 70.3 (14.7) 524.1Oil + GasMMboe85.1 8.9 (3.3) 90.7UKRAINEOil MMbbl 6.5 (3.0) (0.9) 2.6GasBcf 195.3 (26.1) (13.9) 155.3Oil + GasMMboe39.1 (7.4) (3.2) 28.5RUSSIAOil MMbbl 0.3 0.1 0.0 0.4GasBcf 267.0 97.8 0.0 364.8Oil + GasMMboe44.8 16.4 0.0 61.2HUNGARYOil MMbbl 0.2 0.1 0.0 0.3GasBcf 6.2 (1.4) (0.8) 4.0Oil + GasMMboe1.2 (0.1) (0.1) 1.0At 31 December 2011 we updated our estimation of the Group's proved and probable reserves. The estimations for our reserves in Ukraine and Russia have been reviewed by an independent engineer, Senergy (GB) Limited.1km2km3km4km5km6kmOilGas0.21.01.00.30.12.30.82.11.20.420.460.80.30.70.3