REG - Jersey Oil & Gas PLC - UK Fiscal Update

Jersey Oil and GasAnnouncement

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RNS Number : 1764J  Jersey Oil and Gas PLC  27 November 2025

27 November 2025

 

Jersey Oil and Gas plc

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

 

UK Fiscal Update

 

Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company
‎focused on the UK Continental Shelf region of the North Sea, notes the UK
Government's response to the consultation concerning future changes to the UK
oil and gas tax regime.  The subject of the consultation was the development
of a permanent successor to the Energy Profits Levy ("EPL"), in the form of
the Oil and Gas Price Mechanism ("OGPM").

 

The consultation response states that:

§     The OGPM will come into effect either on 1 April 2030 or earlier if
the existing price floors that pertain to the EPL are passed (being $74/bbl
and 57p/therm in the last financial year)

§      The Government has decided to adopt a revenue-based model for the
calculation of windfalls under the OGPM, with a 35% tax being levied only on
the revenues generated above the threshold prices

§      Two independent threshold price points will be set annually, one
for oil (in dollars per barrel) and one for gas (in pence per therm)

§      The thresholds in financial year 2026-27 have been set at $90/bbl
for oil and 90p/therm for gas - they will be adjusted annually in line with
CPI inflation and are projected to be around $98/bbl and 98p/therm by 2030

§     The OGPM when in effect returns the tax rate to the 40% headline
rate in the permanent regime, with the OGPM only applying to oil or gas
revenues in the event the respective commodity price is unusually high

 

With clarity on the longer-term tax regime now provided, the Company will be
working with the Buchan joint venture partners, NEO Next Energy and Serica
Energy, to assess the impact of these changes on the Buchan project.

 

 

 

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

 Cavendish Capital Markets Limited  Neil McDonald        Tel: 020 7220 0500

 Camarco                            Billy Clegg          Tel: 020 3757 4980

                                    Rebecca Waterworth

 

- Ends -

 

Notes to Editors

Jersey Oil & Gas (AIM:JOG) is a UK energy company focused on creating
shareholder value through the development of oil and gas assets and the
execution of accretive transactions.

 

The Company has a focused asset portfolio centred on developing homegrown
North Sea resources that support the UK's energy requirements as it
transitions towards net zero.  JOG holds a 20% 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" ("GBA").  Licence P2498 contains the Buchan Horst ("Buchan") oil field
and J2 oil discovery and licence P2170 contains the Verbier oil discovery.

 

JOG's strategy is focused on unlocking the organic value of its GBA assets,
combined with the pursuit of potential asset acquisitions that bring cash
flow, diversity and quality investment opportunities into the portfolio.  The
Company's Board and Executive team have a wealth of experience in managing and
growing publicly listed energy companies and a strong track-record of value
creation in the UK North Sea's oil and gas sector.

 

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.

 

 

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