Issue of Equity

Alkane Energy PLC
01 February 2006


ALKANE ENERGY PLC (the Company')

1 February 2006

EXERCISE OF OPTIONS

The Company announces that today, following the exercise of share options under
the Company's Sharesave 2003 share option plan, it has issued and allotted
61,630 new ordinary shares of 0.5 pence each respectively.  The exercise price
was 9.2p per share.

The issued ordinary share capital of the Company is now 91,318,773 ordinary
shares of 0.5 pence each.

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


ENDS







                      This information is provided by RNS
            The company news service from the London Stock Exchange