REG - Jersey Oil & Gas PLC - FPSO Update

Jersey Oil and GasAnnouncement

07/03/2025 07:15

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RNS Number : 7323Z  Jersey Oil and Gas PLC  07 March 2025

7 March 2025

 

Jersey Oil and Gas plc

("Jersey Oil & Gas", "JOG" or the "Company")

 

FPSO Update

 

Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company
‎focused on the UK Continental Shelf region of the North Sea, notes that
Dana Petroleum ("Dana") has terminated the agreement with NEO Energy, in
relation to the proposed purchase of the Western Isles floating, production,
storage and offloading ("FPSO") vessel.  This follows the agreement having
reached its longstop date at the end of February 2025, as previously reported.
The Buchan Horst ("Buchan") joint venture's ability to recommit to the
acquisition of the FPSO is naturally linked to the satisfactory conclusion of
the on-going fiscal and regulatory consultations and completion of the
required pre-handover works on the vessel.

 

Andrew Benitz, CEO of Jersey Oil & Gas, commented:

"The route to unlocking the Buchan development continues to depend on
achieving satisfactory conclusions in respect of the on-going fiscal and
regulatory consultations.  The fiscal consultation was kicked off yesterday
and encouragingly, while the details are yet to be fleshed out, it was
apparent that the government has heard many of the concerns of the industry."

 

 

Enquiries:

 Jersey Oil and Gas plc             Andrew Benitz        c/o Camarco:

                                                         020 3757 4980

 Strand Hanson Limited              James Harris         Tel: 020 7409 3494

                                    Matthew Chandler

                                    James Bellman

 Zeus Capital Limited               Simon Johnson        Tel: 020 3829 5000

 Cavendish Capital Markets Limited  Neil McDonald        Tel: 020 7220 0500

 Camarco                            Billy Clegg          Tel: 020 3757 4980

                                    Rebecca Waterworth

 

- Ends -

 

Notes to Editors:

Jersey Oil & Gas (AIM:JOG) is a UK energy company focused on creating
shareholder value through the development of oil and gas assets and the
execution of accretive transactions.

 

The Company has a focused asset portfolio centred on developing homegrown
North Sea resources that support the UK's energy requirements as it
transitions towards net zero.  JOG holds a 20% interest in each of licences
P2498 (Blocks 20/5a, 20/5e and 21/1a) and P2170 (Blocks 20/5b and 21/1d)
located in the UK Central North Sea and referred to as the "Greater Buchan
Area" ("GBA").  Licence P2498 contains the Buchan Horst ("Buchan") oil field
and J2 oil discovery and licence P2170 contains the Verbier oil discovery.

 

JOG's strategy is focused on unlocking the organic value of its GBA assets,
combined with the pursuit of asset acquisitions that bring cash flow,
diversity and quality investment opportunities into the portfolio.  The
Company's Board and Executive team have a wealth of experience in managing and
growing publicly listed energy companies and a strong track-record of value
creation in the UK North Sea oil and gas sector.

 

Forward-Looking Statements

This announcement may contain certain forward-looking statements that are
subject to the usual risk factors and uncertainties associated with an oil and
gas business.  Whilst the Company believes the expectations reflected herein
to be reasonable in light of the information available to it at this time, the
actual outcome may be materially different owing to factors beyond the
Company's control or otherwise within the Company's control but where, for
example, the Company decides on a change of plan or 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 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

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