Exercise of Options

Alkane Energy PLC
06 November 2003

6 November 2003

                              Alkane Energy plc

                         EXERCISE OF SHARE OPTIONS

Alkane Energy plc (the Company) announces that on 5 November 2003, following the
exercise of share options under the Company's Sharesave Scheme, it has issued
and allotted 24,456 new ordinary shares of 0.5 pence each.

Following the allotment of shares, the issued share capital of the Company is
now 89,683,855 ordinary shares.

Application will be made for the new ordinary shares to be admitted to AIM as
soon as practicable.


END


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