REG - Jersey Oil & Gas PLC - Greater Buchan Area Farm-out Update

Jersey Oil and GasAnnouncement

31/03/2023 07:00

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RNS Number : 8315U  Jersey Oil and Gas PLC  31 March 2023

31 March 2023

 

Jersey Oil and Gas plc

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

 

Greater Buchan Area Farm-out Update

 

Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company
focused on the UK Continental Shelf region of the North Sea, is pleased to
provide an update on the status of the GBA farm-out process.

 

The Company is in advanced exclusive negotiations with a significant UK North
Sea operator.  Heads of terms have been agreed for the farm-out of a material
interest in the GBA licences to this company and both parties are working
towards finalising a fully termed agreement in the near future.  An
exclusivity period until 30(th) April 2023 has been agreed.

 

 

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

"We are pleased to be in advanced exclusive negotiations with a well-funded
industry heavyweight and whilst there can be no guarantees of a successful
conclusion, we are aiming to finalise the farm-out in the near future and look
forward to updating shareholders shortly."

 

 

Enquiries:

 Jersey Oil and Gas plc  Andrew Benitz, CEO   C/o Camarco:

                                              Tel:  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

 finnCap Ltd             Christopher Raggett  Tel: 020 7220 0500

                         Tim Redfern
 Camarco                 Billy Clegg          Tel:  020 3757 4980

                         Rebecca Waterworth

 

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
("GBA"), which includes operatorship and 100% working interests in blocks that
contain the Buchan oil field and J2 oil discovery and an 100% working interest
in the P2170 Licence Blocks 20/5b & 21/1d, that contain the Verbier oil
discovery and other exploration prospects.

 

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.

 

 

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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