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REG - Jersey Oil & Gas PLC - Interim Results

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RNS Number : 2293A  Jersey Oil and Gas PLC  22 September 2022

   22 September 2022

Jersey Oil and Gas plc

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

 

Interim Results for the Six Month Period Ended 30 June 2022

 

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 its unaudited Interim Results for the six month period
ended 30 June 2022.

 

Highlights

§ Favourable fiscal and macroeconomic developments have further bolstered
interest in our on-going "Greater Buchan Area" ("GBA") farm-out process

§ GBA farm-out process advancing as planned, with continued active engagement
with multiple counterparties

§ Substantial progress has been made, with the majority of interested parties
forecast to complete their technical due diligence in October 2022

§ Constructive commercial discussions are taking place with potential
counterparties

§ Cash position of approximately £8.7 million, with no debt, as at 30 June
2022 - well ahead of the group's forecast

 

 

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

"Great progress is being made with our GBA farm-out process - the key activity
for the Group in 2022.  Interest is strong, technical studies across the
various development solutions are well advanced and commercial discussions are
ongoing with serious, well-funded counterparties.  Since launching the
process, the Company's engagement strategy has been broadened to advance a
range of competing development solutions, thereby providing increased
optionality."

 

 

Enquiries:

Jersey Oil and Gas plc

Andrew Benitz, CEO - c/o
Camarco
Tel: 020 3757 4983

 

Strand Hanson Limited

James Harris / Matthew Chandler / James Bellman
                      Tel: 020 7409 3494

 

Arden Partners plc

Rory McGirr
 
       Tel: 020 7614 5900

 

finnCap Ltd

Christopher Raggett / Tim
Redfern
Tel: 020 7220 0500

 

Camarco

Billy Clegg / Rebecca
Waterworth
Tel: 020 3757 4983

 

 

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 the P2498
Licence Blocks 20/5b and 21/1d that contain the Buchan oil field and J2 oil
discovery and a 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.

 

 

 

Chairman & Chief Executive Officer's Report

 

 

GBA Farm-out Process Update

 

Encouraging progress continues to be made on our GBA farm-out process, and the
Company remains actively engaged with multiple counterparties. Joint technical
studies for the various different development solutions are now at an advanced
stage.

 

As previously highlighted, since launching the farm-out process, a broad range
of competing development solutions has been generated to supplement the
initial work on the proposed installation of a new processing platform.  The
alternative solutions include tiebacks to existing platforms and the re-use of
available floating production, storage and offloading ("FPSO") vessels.

 

Since confirming the technical and economic attractiveness of the potential
GBA development solutions earlier this year, JOG's most recent operational
focus has been centred on completing confirmatory pre-Front End Engineering
and Design studies for the various options with the different counterparties.
 The studies are being undertaken in collaboration with the infrastructure
owners and cover areas that serve to validate and de-risk the different
solutions and associated capital expenditure forecasts.  While the precise
studies are specific to each potential solution, they broadly cover work on
flow assurance, host facility "brownfield" modification requirements and
potential future electrification workscopes.  This technical work is expected
to conclude in October 2022.

 

Whilst there can be no certainty of a successful conclusion, constructive
commercial discussions are also now well underway.

 

Regional Electrification Opportunities

 

The different GBA development solutions that are being assessed all have the
potential to be a component of the future Outer Moray Firth offshore wind
electrification plans that are currently being considered as part of the
Government's Innovation and Targeted Oil and Gas ("INTOG") leasing round
process.  As such, we were pleased to provide a leading offshore wind
developer with a letter of support as a potential power user to assist them in
their application for a lease in the upcoming INTOG offshore wind licence
round.  This operator has experience in both development and operations for
floating offshore wind.  In addition to the GBA being a potential off-taker
of locally sourced wind power, there are also complimentary investment
opportunities in offshore wind that require further evaluation.

 

Licensing activity

 

JOG continues to work closely and constructively with the North Sea Transition
Authority ("NSTA") on our licence commitments.  On Licence P2498, which
includes the Buchan field as well as the J2 and part of the Verbier
discoveries, our milestone related to delivery of a Field Development Plan
("FDP") has been adjusted to align with the current scheduled licence expiry
in August 2023 and, pending conclusion of a successful farm-out, we are on
track to deliver on this.  Upon approval of an FDP, the licence would then
move into the "third phase", which covers all future development and
production activities.  On Licence P2170, there is a requirement to submit an
FDP for the Verbier discovery in order to advance the licence into the third
term.  Verbier is part of our phased area wide GBA development plan, with
production scheduled to commence following the start of production from the
Buchan field.  The P2170 Licence is due to expire on 22 November 2022,
therefore we are in close consultation with the NSTA to agree an appropriate
way forward.

 

JOG's Acquisition Strategy

 

JOG's priority is to secure a GBA farm-out and any M&A activity has been
focused around this objective.  We have evaluated potential asset swaps as
part of our ongoing discussions, but remain of the view that an industry
farm-out provides the best solution to advance the planned GBA development and
thereby deliver greater value for shareholders.  Building a full cycle
upstream business focused on the UKCS remains the ultimate goal for JOG.

 

Financial Review

 

JOG's cash position was approximately £8.7 million as of 30 June 2022.  The
cash spend of the business will continue to be comfortably below the £1.5
million per quarter run rate previously forecast.  As an oil and gas
exploration and development company, JOG had no production revenue during the
period and received only a small amount of interest on its cash deposits.

 

The loss for the period, before and after tax, was approximately £1.2m (2021:
£1.9m). The Company's main expenditure during the first half of 2022 related
to technical studies assessing parallel development options for our GBA
Development project.  The Company remains well funded to fulfil its farm-out
objective.

 

Tax

 

The Energy Profits Levy ("EPL") that was introduced by the Government in May
2022 caught the industry off guard, particularly those that have invested and
built production portfolios in the UKCS over the past few years.  Fiscal
instability has made some question their North Sea investment strategy.  The
silver lining, however, was the introduction of a generous investment
allowance that is specifically ring fenced to attract capital spend into new
investments.  A full taxpayer in the North Sea now has the ability to secure
91% tax relief through investing into new projects, essentially meaning that
for a cost of only 9p a company can get £1 of investment value.  Projects of
the scale of the proposed GBA development should benefit from this investment
allowance.

 

Summary and outlook

 

A significantly improved macroeconomic outlook for the oil and gas sector
compared to last year has ushered in significant profits for the oil majors.
The pandemic and terrible events in Ukraine have masked the underlying issue
that is challenging the upstream sector - namely, a looming supply crunch.
The industry has been starved of capital since 2015 and this has led to
chronic under investment.  Energy transition is an important issue and the
oil and gas industry is at the forefront of the challenges that this evolution
brings.  It must be managed appropriately as hydrocarbons continue to provide
the world with approximately 80% of its daily energy supply.  Unfortunately,
inflationary pressures resulting from a restricted energy supply are already
being seen and, in turn, the even more concerning prospect of energy
poverty.  The world needs urgent and responsible investment upstream to
address the supply shortfall against a backdrop of significantly increasing
global demand for energy.  Consumers, industry and Governments deserve access
to affordable energy to go about their lives during the energy transition.

 

It will take time for the supply side to increase, and in the meantime
continued high oil prices are highly likely.  The GBA is a vital resource and
is estimated to be the third largest oil development opportunity in the
UKCS.  We look forward to concluding  the farm-out process and thereby
securing investment to take this project into development and contributing to
ensuring long term energy supply and security for the UK economy.

 

We appreciate the ongoing commitment of our dedicated team and the
professionalism they have displayed throughout our industry and stakeholder
engagement.  We also thank our shareholders for their ongoing and unstinting
support as we continue to advance our GBA farm-out process.

 

 Les Thomas               Andrew Benitz

 Non-Executive Chairman   Chief Executive Officer

 

 

22 September 2022

 

 

JERSEY OIL AND GAS PLC

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

FOR THE SIX MONTHS ENDED 30 JUNE 2022

 

 

                                                          6 months to    6 months to      Year to
                                                          30/06/22       30/06/21         31/12/21
                                                          (unaudited)    (unaudited)      (audited)
                                               Notes      £              £                £

 CONTINUING OPERATIONS
 Revenue                                                  -              -                -

 Cost of sales                                            -              66,403                  (101,079)

 GROSS PROFIT/(LOSS)                                      -              66,403           (101,079)

 Exploration write-off/licence relinquishment             -              -                (447,812)
 Administrative expenses                                  (1,200,589)    (1,986,483)      (3,672,135)

 OPERATING LOSS                                           (1,200,589)    (1,920,080)      (4,221,026)

 Finance income                                           17,050         1,127                        1,807
 Finance expense                                          (2,839)        (2,788)          (6,098)

 LOSS BEFORE TAX                                          (1,186,377)    (1,921,741)      (4,225,317)

 Tax                                           4          -              -                -

 LOSS FOR THE PERIOD                                      (1,186,377)    (1,921,741)      (4,225,317)

 OTHER COMPREHENSIVE INCOME                               -              -                -

 TOTAL COMPREHENSIVE LOSS FOR THE PERIOD                  (1,186,377)    (1,921,741)      (4,225,317)

 Total comprehensive loss attributable to:
 Owners of the parent                                     (1,186,377)    (1,921,741)      (4,225,317)

 Loss per share expressed
 in pence per share:
 Basic                                         5          (3.64)         (7.15)           (14.48)
 Diluted                                       5          (3.64)         (7.15)           (14.48)

 

The above consolidated statement of comprehensive income should be read in
conjunction with the accompanying notes.

 

 

 

JERSEY OIL AND GAS PLC

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

AS AT 30 JUNE 2022

 

 

                                                    30/06/22                                            30/06/21                                            31/12/21
                                                    (unaudited)                                         (unaudited)                                         (audited)
                                        Notes       £                                                   £                                                   £
 NON-CURRENT ASSETS
 Intangible assets - Exploration costs  6           22,752,129                                          17,359,856                                          21,514,153
 Property, plant and equipment          7           24,633                                              57,187                                              40,077
 Right-of-use assets                                133,168                                             125,415                                             185,008
 Deposits                                           31,112                                              28,420                                              31,112

                                                    22,941,042                                          17,570,878                                          21,770,350
 CURRENT ASSETS
 Trade and other receivables                8       346,631                                             593,643                                             353,114
 Cash and cash equivalents              9           8,666,792                                           17,056,538                                          13,038,388

                                                    9,013,423                                           17,650,181                                          13,391,502

 TOTAL ASSETS                                       31,954,465                                          35,221,059                                          35,161,852

 EQUITY
 SHAREHOLDERS' EQUITY
 Called up share capital                10          2,573,395                                           2,566,795                                           2,573,395
 Share premium account                              110,309,524                                         110,358,234                                         110,309,524
 Share options reserve                              1,708,075                                           2,308,462                                           1,397,287
 Accumulated losses                                 (82,738,107)                                        (80,431,559)                                        (81,551,730)
 Reorganisation reserve                             (382,543)                                           (382,543)                                           (382,543)

 TOTAL EQUITY                                       31,470,344                                          34,419,389                                          32,345,933

 NON-CURRENT LIABILITIES
 Lease liabilities                                  18,830                                              74,200                                              83,012

                                                    18,830                                              74,200                                              83,012

 CURRENT LIABILITIES
 Trade and other payables               11          334,198                                             643,419                                             2,603,707
 Lease liabilities                                  131,093                                             84,051                                              129,200

                                                    465,291                                             727,470                                             2,732,907

 TOTAL LIABILITIES                                  484,121                                             801,670                                             2,815,919

 TOTAL EQUITY AND LIABILITIES                       31,954,465                                          35,221,059                                          35,161,852

 

The above consolidated statement of financial position should be read in
conjunction with the accompanying notes.

 

 

JERSEY OIL & GAS PLC

 

 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

   FOR THE SIX MONTHS ENDED 30 JUNE 2022

 

 

                                                         Called up share     Share premium    Share options    Accumulated     Re- organisation    Total
                                                         capital             account          reserve          Losses          reserve             equity
                                                         £                   £                £                £               £                   £
                                                         (unaudited)         (unaudited)      (unaudited)      (unaudited)     (unaudited)         (unaudited)

 At 1 January 2021                                       2,466,144           93,851,526       2,109,969        (78,509,819)    (382,543)           19,535,277

 Loss for the period and total comprehensive income      -                   -                -                (1,921,741)     -                   (1,921,741)
                                                         100,651             16,506,709       -                -               -                   16,607,360

 Issue of share capital

 Share based payments                                    -                -  -                198,493          -               -                   198,493

 At 30 June 2021                                         2,566,795           110,358,235      2,308,462        (80,431,560)    (382,543)           34,419,389

 At 1 January 2022                                       2,573,395           110,309,524      1,397,287        (81,551,730)    (382,543)           32,345,933

 Loss for the period and total comprehensive income      -                   -                -                (1,186,377)     -                   (1,186,377)
 Share based payments                                    -                -  -                310,788          -               -

                                                                                                                                                   310,788

 At 30 June 2022                                         2,573,395           110,309,524      1,708,075        (82,738,107)    (382,543)           31,470,344

 

The following describes the nature and purpose of each reserve within owners'
equity:

 

Reserve
Description and purpose

 

Called up share
capital
Represents the nominal value of shares issued

Share premium
account
Amount subscribed for share capital in excess of nominal value

Share options reserve
  Represents the accumulated balance of share based payment charges
recognised in respect of share options granted by the Company less transfers
to retained deficit in respect of options exercised or cancelled/lapsed

Accumulated
losses
Cumulative losses recognised in the Consolidated Statement of Comprehensive
Income

Reorganisation
reserve
Amounts resulting from the restructuring of the Group

 

The above consolidated statement of changes in equity should be read in
conjunction with the accompanying notes

 

 

JERSEY OIL AND GAS PLC

 

CONSOLIDATED STATEMENT OF CASH FLOWS

 

FOR THE SIX MONTHS ENDED 30 JUNE 2022

 

 

                                                                                                                                 6 months to                        6 months to                                        Year to
                                                                                                                                 30/06/22                           30/06/21                                           31/12/21
                                                                                                                                 (unaudited)                        (unaudited)                                        (audited)
                                                                                                                        Notes    £                                  £                                                  £
 CASH FLOWS FROM OPERATING ACTIVITIES
 Cash used in operations                                                                                                12       (3,085,544)                        (2,196,448)                                        (1,495,899)
 Net interest received                                                                                                           17,050                             1,127                                              1,807
 Net interest paid                                                                                                               (2,839)                            (2,788)                                            (6,098)

 Net cash used in operating activities                                                                                           (3,071,333)                        (2,198,109)                                        (1,500,190)

 CASH FLOWS FROM INVESTING ACTIVITIES
 Purchase of intangible assets                                                                                          6        (1,237,976)                        (2,368,561)                                        (6,970,670)

 Net cash used in investing activities                                                                                           (1,237,976)                        (2,368,561)                                        (6,970,670)

 CASH FLOWS FROM FINANCING
 ACTIVITIES
 Proceeds of issue of shares                                                                                                      -                                  16,607,360                                        16,565,248
 Principal elements of lease payments                                                                                            (62,289)                           (65,667)                                           (137,516)

                                                                                                                                        (62,289)                                  16,541,693                              16,427,732

 Net cash generated from financing
 activities

 INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS                                                                                (4,371,596)                        11,975,023                                         7,956,873

 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                                                                13,038,388                         5,081,515                                          5,081,515

 CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                                             9        8,666,792                          17,056,538                                         13,038,388

 

The above consolidated statement of cash flows should be read in conjunction
with the accompanying notes

 

 

JERSEY OIL AND GAS PLC

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

FOR THE SIX MONTHS ENDED 30 JUNE 2022

 

1.          GENERAL INFORMATION

 

Jersey Oil and Gas plc (the "Company") and its subsidiaries (together, "the
Group") are involved in the upstream oil and gas business in the UK.

 

             The Company is a public limited company incorporated
and domiciled in the United Kingdom and quoted on AIM, a market operated by
London Stock Exchange plc. The address of its registered office is 10 The
Triangle, ng2 Business Park, Nottingham, NG2 1AE.

 

             The Group's half year condensed financial statements
for the six months ended 30 June 2022 were authorised for issue in accordance
with a resolution of the Board of Directors on 22 September 2022.

 

2.                            BASIS OF PREPARATION
AND ACCOUNTING POLICIES

 

Basis of Preparation

 

The interim condensed consolidated financial statements for the six months
ended 30 June 2022 have been prepared in accordance with International
Accounting Standard 34 "Interim Financial Reporting".

 

These unaudited interim consolidated financial statements of the Group have
been prepared following the same accounting policies and methods of
computation as the consolidated financial statements for the year ended 31
December 2021. These unaudited interim consolidated financial statements do
not include all the information and footnotes required by generally accepted
accounting principles for annual financial statements and therefore should be
read in conjunction with the consolidated financial statements and the notes
thereto in the Company's annual report for the year ended 31 December 2021.

 

The financial information contained in this announcement does not constitute
statutory financial statements within the meaning of section 435 of the
Companies Act 2006.

 

Consolidated statutory accounts for the year ended 31 December 2021, on which
the auditors gave an unqualified audit report, have been filed with the
registrar of Companies. The report of the auditors included in that 2021
Annual Report was unqualified and did not contain a statement under either
Section 498(2) or Section 498(3) of the Companies Act 2006.

 

             Going Concern

 

The Group has no material firm work commitments on any of the Group's
licences, other than ongoing Operator overheads and licence fees. Other work
that the Group is undertaking in respect of the GBA licences and surrounding
areas is modest relative to its current cash reserves. The Group expects to be
able to manage its estimated cash outflows such that its current cash reserves
are expected to more than exceed its estimated cash outflows in all reasonable
scenarios for at least 12 months following the date of issue of these interim
financial statements. Based on these circumstances, the Directors have
considered it appropriate to continue to adopt the going concern basis of
accounting in preparing these interim financial statements.

 

Accounting policies

 

The accounting policies adopted in the preparation of the interim condensed
consolidated financial statements are consistent with those followed in the
preparation of the Group's annual financial statements for the year ended 31
December 2021.  No new standards, amendments or interpretations have had a
material impact on the Group's interim consolidated financial statements for
the period ended 30 June 2022.

 

The impact of seasonality or cyclicality on operations is not considered
significant on the interim consolidated financial statements.

 

 

3.             SEGMENTAL REPORTING

 

The Directors consider that the Group operates in a single segment, that of
oil and gas exploration, appraisal, development and production, in a single
geographical location, the North Sea of the United Kingdom and do not consider
it appropriate to disaggregate data further from that disclosed.

JERSEY OIL AND GAS PLC

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

FOR THE SIX MONTHS ENDED 30 JUNE 2022

 

 

 

 

4.               TAX

 

Jersey Oil and Gas plc is a trading company but no liability to UK corporation
tax arose on its ordinary activities for the period ended 30 June 2022 due to
trading losses. As at 31 December 2021, the Group held tax losses of
approximately £57 million (2020: £46 million).

 

On 26 May 2022, the UK Government announced the introduction of an Energy
Profits Levy ('EPL') on the UK ring fence profits of oil and gas producers
with effect from 26 May 2022. The legislation introducing the EPL was
substantively enacted on 11 July 2022. The EPL is charged at the rate of 25%
on taxable profits in addition to ring fence corporation tax of 30% and
Supplementary Charge of 10%, making a total rate on ring fence profits of 65%.

 

Qualifying capital expenditure may be offset against the 25% EPL at an
uplifted rate of 1.8 times. When combined with the existing Investment
Allowance uplift of 6.25% this results in an overall 91.25% tax relief on new
qualifying capital expenditure.

 

 

5.               EARNINGS/(LOSS) PER SHARE

 

Basic loss per share is calculated by dividing the losses attributable to
ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period.

 

Diluted loss per share is calculated using the weighted average number of
shares adjusted to assume the conversion of all dilutive potential ordinary
shares.

                                               Earnings attributable to ordinary shareholders    Weighted average number of shares    Per share amount

                                               £                                                                                      Pence
 Period ended 30 June 2022
 Basic and Diluted EPS
 Loss attributable to ordinary shareholders    (1,186,377)                                       32,554,293                           (3.64)

 

JERSEY OIL AND GAS PLC

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

FOR THE SIX MONTHS ENDED 30 JUNE 2022

 

 

6.               INTANGIBLE ASSETS

                                                   Exploration
                                                   Costs
                                                   £
 COST
 At 1 January 2022                                 21,689,394
 Additions                                         1,237,976

 At 30 June 2022                                   22,927,370

 ACCUMULATED AMORTISATION
 At 1 January 2022                                 175,241

 At 30 June 2022                                   175,241

 NET BOOK VALUE at 30 June 2022                    22,752,129

 

 

                  This represents the work capitalised on the
GBA assets.

 

 

7.               PROPERTY, PLANT AND EQUIPMENT

                                                                                                                        Computer
                                                                                                                        and office
                                                                                                                        equipment
                                                                                                                        £
     COST
     At 1 January 2022                                                                                                          228,447
     Additions                                                                                                                  -

     At 30 June 2022                                                                                                            228,447

     ACCUMULATED AMORTISATION, DEPLETION AND DEPRECIATION
     At 1 January 2022                                                                                                  188,370
     Charge for period                                                                                                  15,444

     At 30 June 2022                                                                                                    203,814

     NET BOOK VALUE at 30 June 2022                                                                                     24,633

 

 

This represents the capitalised cost of computer equipment and fixtures.

JERSEY OIL AND GAS PLC

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

FOR THE SIX MONTHS ENDED 30 JUNE 2022

 

 

 

8.               TRADE AND OTHER RECEIVABLES

                                   30/06/22       30/06/21       31/12/21

                                   (unaudited)    (unaudited)    (audited)
                                   £              £              £
 Other receivables                 30             30             30
 Prepayments and accrued income    268,323        270,019        119,249
 Deposits                          -              54,222         -
 Value added tax                   78,278         269,372           233,835

                                   346,631                       353,114

                                                  593,643

 

As at 30 June 2022, there were no trade receivables past due nor impaired.
There are immaterial expected credit losses recognised on these balances.

 

 

9.               CASH AND CASH EQUIVALENTS

 

The amounts disclosed in the consolidated statement of cash flows in respect
of cash and cash equivalents are in respect of these consolidated statement of
financial position amounts:

 

 Period ended 30 June 2022      30/06/22       30/06/21       31/12/21
                                (unaudited)    (unaudited)    (audited)
                                £              £              £
 Cash and cash equivalents      8,666,792      17,056,538     13,038,388

                                8,666,792      17,056,538     13,038,388

 

 

10.             CALLED UP SHARE CAPITAL

 

                                          30/06/22       30/06/21       31/12/21
                                          (unaudited)    (unaudited)    (audited)
                                          £              £              £
 Issued and fully paid:
 Number: 32,554,293 (2021: 31,894,293)
 Ordinary class                           2,573,395                     2,573,395

                                                         2,566,795

                                          2,573,395      2,566,795      2,573,395

 

 

11.             TRADE AND OTHER PAYABLES

 

                                 30/06/22       30/06/21       31/12/21
                                 (unaudited)    (unaudited)    (audited)
                                 £              £              £
 Trade payables                  111,041        267,385        1,211,220
 Accrued expenses                135,770        303,979        1,021,105
 Other payables                  -              4              -
 Taxation and Social Security    87,387         72,051         371,381

                                 334,198        643,419        2,603,706

 

JERSEY OIL AND GAS PLC

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

FOR THE SIX MONTHS ENDED 30 JUNE 2022

 

 

 12.  NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

      RECONCILIATION OF LOSS BEFORE TAX TO CASH USED IN OPERATIONS

 

                                                       30/06/22       30/06/21       31/12/21
                                                       (unaudited)    (unaudited)    (audited)
                                                       £              £              £
 Loss for the period before tax                        (1,186,377)    (1,921,741)    (4,225,317)
 Adjusted for:
 Depreciation                                          15,444         17,362         34,472
 Impairments                                           -              -              447,812
 Depreciation right-of-use asset                       51,840         71,959         138,176
 Share based payments (net)                            310,788        198,493        470,724
 Finance costs                                         2,839          2,788          6,098
 Finance income                                        (17,050)       (1,127)        (1,807)

                                                       (822,516)      (1,632,266)    (3,129,842)

 Decrease in inventories
 (Increase)/decrease in trade and other receivables    6,482          (137,980)      99,856
 Increase/(decrease) in trade and other payables       (2,269,509)    (426,202)      1,534,087

 Cash used in operations                               (3,085,544)    (2,196,448)    (1,495,899)

 

 

13.        POST BALANCE SHEET EVENTS

 

None.

 

14.             AVAILABILITY OF THE INTERIM REPORT 2022

 

A copy of these results will be made available for inspection at the Company's
registered office during normal business hours on any weekday. The Company's
registered office is at 10 The Triangle, ng2 Business Park, Nottingham,
Nottinghamshire NG2 1AE. A copy can also be downloaded from the Company's
website at www.jerseyoilandgas.com. Jersey Oil and Gas plc is registered in
England and Wales with registration number 7503957.

 

 

 

 

 

 

 

 

 

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