Jersey Oil and Gas PLC Settlement Agreement entered into with Total E&P (3449A)
28 Maggio 2019 - 12:45PM
UK Regulatory
TIDMJOG
RNS Number : 3449A
Jersey Oil and Gas PLC
28 May 2019
28 May 2019
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Settlement Agreement entered into with Total E&P UK
Limited
regarding Licence P2032
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and
gas company focused on the UK Continental Shelf ("UKCS") region of
the North Sea, is pleased to announce that it has agreed terms with
Total E&P UK Limited ("TEPUK") in relation to TEPUK's
termination of its 2013 farm-in to licence P2032 (Blocks 21/8c,
21/9c, 21/10c, 21/14a and 21/15b). By way of a full and final
settlement, JOG will receive GBP750,000 from TEPUK.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"We are pleased to have reached agreement on this legacy issue
regarding the farm-out of our former interest in Licence P2032,
which was relinquished in 2015."
Enquiries:
Jersey Oil and Gas plc Andrew Benitz, CEO C/o Camarco:
Tel: 020 3757 4983
Strand Hanson Limited James Harris Tel: 020 7409 3494
Matthew Chandler
James Bellman
Arden Partners plc Paul Shackleton Tel: 020 7614 5900
Benjamin Cryer
BMO Capital Markets Limited Jeremy Low Tel: 020 7236 1010
Tom Rider
Camarco Billy Clegg Tel: 020 3757 4983
James Crothers
Notes to Editors:
Jersey Oil & Gas is a UK E&P company focused on building
an upstream oil and gas business in the North Sea. The Company owns
an 18% interest in the P2170 licence, Blocks 20/5b & 21/1d,
Outer Moray Firth, in which the operator, Equinor UK Limited, owns
a 70% interest and CIECO V&C (UK) Limited owns a 12% interest.
This licence contains the 2017 Verbier oil discovery.
The Company plans to build an upstream E&P portfolio via
both organic development and acquisitions coinciding with the
cyclical recovery in the oil price and the opportune buying market
in the North Sea. The Company is involved in multiple acquisition
opportunities and intends to draw on its management team's
considerable experience, knowledge and expertise to deliver
shareholder value from its stated growth strategy.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGREAESPADPNEFF
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May 28, 2019 06:45 ET (10:45 GMT)
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