REG - Jersey Oil & Gas PLC - Licence Extension

Jersey Oil and GasAnnouncement

29/11/2022 07:00

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RNS Number : 8508H  Jersey Oil and Gas PLC  29 November 2022

29 November 2022

 

Jersey Oil and Gas plc

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

 

Licence Extension

 

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 P2170 "Verbier" Licence.  This licence is
now aligned with JOG's P2498 "Buchan" Licence with the current phase expiring
end of August 2023, in keeping with the Company's stated strategy of
developing the Greater Buchan Area ("GBA") as an area-wide development plan.

 

Following a recent period of fiscal uncertainty, confirmation of the retention
of the investment allowance as part of the recent amendments to the UK's
Energy Profits Levy is welcome, as we progress advanced commercial discussions
with a select number of counterparties in relation to the Company's GBA farm
out process.

 

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

"We are pleased that the NSTA has agreed to extend the Second Term of the
Verbier Licence in order to align it with the rest of our GBA asset base.
 Although multiple fiscal changes have slowed progress with closing out
commercial farm-out discussions, we look forward to a successful conclusion if
not by the end of the year then certainly in Q1 2023."

 

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
 Arden Partners plc      Simon Johnson        Tel: 020 7614 5900

 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 contains certain forward-looking statements that are subject
to the usual risk factors and uncertainties associated with the 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.

 

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