REG - Jersey Oil & Gas PLC - Licence Extension & Assignment Approvals

Jersey Oil and GasAnnouncement

07/06/2023 07:00

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RNS Number : 8460B  Jersey Oil and Gas PLC  07 June 2023

7 June 2023

 

Jersey Oil and Gas plc

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

 

Licence Extension & Assignment Approvals

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
announce that the North Sea Transition Authority ("NSTA") has approved an
extension to the Second Term of its P2498 "Buchan" Licence.  The Company is
also pleased to report that the NSTA has approved the Company's request to
assign a 50% working interest in both licence P2498 and licence P2170
("Verbier") to NEO Energy ("NEO"), as part of the recently announced Greater
Buchan Area farm-out transaction.

 

The Second Term of licence P2498 has been extended by 18 months to 28 February
2025.  The extension was requested in order to provide the licensees with the
time required to prepare a Field Development Plan ("FDP") for the
redevelopment of the Buchan field, which is planned for submission to the NSTA
during 2024.  Following FDP approval the licence moves into the Third Term,
which covers the development and production phase of activities for the life
of the field.

 

Following these approvals, the Company has now satisfied the conditions
precedent associated with the farm-out of the 50% interest in licence P2498 to
NEO.  In terms of the P2170 licence assignment to NEO, the Company is in the
process of completing the final outstanding condition precedent.  It is
anticipated that completion of both licence assignments will occur in June
2023.

 

 

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

 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,
which includes operatorship and, prior to completion of the announced farm-out
to NEO Energy, a 100% working interest in Licence P2498 (Blocks 20/5a, 20/5e
and 21/1a) that contains the Buchan oil field and J2 oil discovery and an 100%
working interest in Licence P2170 (Blocks 20/5b & 21/1d) that contains 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.

 

All figures quoted in this announcement are in US dollars, unless stated
otherwise.

 

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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