Exercise of Options

Alkane Energy PLC
07 June 2004


ALKANE ENERGY PLC (the Company')

7 JUNE 2004

EXERCISE OF OPTIONS


The Company announces that on 7 June 2004, following the exercise of share
options under the Company's Sharesave Scheme, it has issued and allotted 43,858
new ordinary shares of 0.5 pence each.

The issued ordinary share capital of the Company is now 89,727,713.

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

ENDS



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