REG - Jersey Oil & Gas PLC - P2170 "Verbier" Licence Extension

Jersey Oil and GasAnnouncement

04/07/2023 07:15

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RNS Number : 8278E  Jersey Oil and Gas PLC  04 July 2023

4 July 2023

 

Jersey Oil and Gas plc

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

 

P2170 "Verbier" 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 has approved an extension to
the Second Term of the P2170 "Verbier" licence.

 

Further to the recently announced extension of the P2498 "Buchan" licence, the
Second Term of the P2170 licence has been extended by three years to 29 August
2026.  The extension was requested in order to provide the licensees with the
time required to prepare a Field Development Plan for the Verbier discovery,
as part of a phased Greater Buchan Area ("GBA") development plan.  The first
phase of the planned GBA work programme involves re-development of the Buchan
field, with the start-up of production targeted for 2026.

 

 

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

- Ends -

 

 

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 50% 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".  Licence P2498 contains the Buchan oil field and J2 oil
discovery and licence P2170 contains the Verbier oil discovery.

 

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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