Jersey Oil and Gas PLC Business Update (5398G)
18 Marzo 2020 - 8:00AM
UK Regulatory
TIDMJOG
RNS Number : 5398G
Jersey Oil and Gas PLC
18 March 2020
18 March 2020
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Business Update
Jersey Oil & Gas (AIM:JOG), an independent upstream oil and
gas company focused on the UK Continental Shelf ("UKCS") region of
the North Sea, provides an update on its current business, in light
of the outbreak of the Covid-19 virus and its effect on the global
market.
As the world implements measures to tackle the ongoing outbreak,
we acknowledge there is growing uncertainty around economic growth
and underlying business conditions.
Jersey Oil and Gas remains fully funded to deliver the concept
select work we are progressing on our Greater Buchan Area ("GBA")
development. We benefit from having no debt and on current plans
the company has sufficient working capital through to the end of
2021, prior to any proceeds from our planned sale of a part
interest in our GBA project, the process for which is expected to
be launched later this year. Cost control continues to be monitored
closely by our Board. Our year end 2019 unaudited cash position was
GBP12.3m. JOG's core GBA asset base is estimated to hold more than
140 million barrels of oil equivalent ("mmboe") of discovered and
recoverable oil volumes and more than 230 mmboe of exploration
upside net to JOG. With further area collaboration across the wider
GBA, there is a potential to produce more than 200 mmboe of
discovered oil and gas resources.
Therefore, while it would be inappropriate to describe the
situation as 'business as usual', we continue to work on the
various workstreams required to achieve our stated goals and create
long term shareholder value, including advancing concept select for
the GBA development which remains on track for delivery this
summer. Given the nature of our current workstreams these can
mostly be completed remotely by our team and contractors and
therefore we have set up business continuity measures to enable our
team to work from home to ensure that the safety of those in our
employ remains a top priority.
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
holds a significant acreage position within the Central North Sea
referred to as the Greater Buchan Area, which includes operatorship
and 100% working interests in blocks that contain the Buchan oil
field and J2 and Glenn oil discoveries, and, following the
acquisition of an additional 70% working interest announced in late
January 2020 will, subject to completion, also assume operatorship
of and hold an 88% working interest in the P2170 Licence, Blocks
20/5b & 21/1d, that contains the Verbier oil discovery.
JOG's acreage is estimated by management to contain more than
140 million barrels of oil equivalent ("boe") of discovered mean
recoverable resources net to JOG, in addition to significant
exploration upside potential. JOG is currently progressing the
appraise and select phases of a Field Development Plan ("FDP") for
the Greater Buchan Area.
JOG is focused on delivering shareholder value and growth
through creative deal-making, operational success and licensing
rounds. Its management is convinced that opportunity exists within
the UK North Sea to deliver on this strategy and the Company has a
solid track-record of tangible success.
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
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March 18, 2020 03:00 ET (07:00 GMT)
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