Jersey Oil and Gas PLC 31st Supplementary Offshore Licensing Round (9994J)
August 23 2019 - 2:00AM
UK Regulatory
TIDMJOG
RNS Number : 9994J
Jersey Oil and Gas PLC
23 August 2019
23 August 2019
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
31st Supplementary Offshore Licensing Round
Additional Award of Block 21/2a containing the Glenn Oil
Discovery
Highlights:
-- JOG awarded, subject to documentation, 100% working interest
and operatorship of an additional block (Block 21/2a) in the Oil
& Gas Authority's ("OGA") 31(st) Supplementary Offshore
Licensing Round
-- Additional Greater Buchan Area ("GBA") acreage in Block 21/2a
includes the Glenn oil discovery and adds a further 14 million
barrels of oil equivalent ("mmboe") discovered mean recoverable
resources
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"We are delighted to announce this further licence award within
the Greater Buchan Area. This additional acreage completes a 100
per cent. success rate of awards across all of the acreage we
applied for in the 31st Supplementary Offshore Licensing Round. The
Glenn oil discovery contained therein adds additional discovered
resources net to JOG as well as operatorship of another discovered
resource in the area of our Buchan-centred development hub plans
for the GBA."
Additional Information:
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 that it has been awarded 100%
working interest and operatorship of Block 21/2a in the OGA's 31st
Supplementary Offshore Licensing Round. The additional acreage
awarded to JOG, subject to documentation, includes the Glenn oil
discovery.
The licence in respect of Block 21/2a comprises a two-year
Initial Term with certain firm work obligations, principally
comprising geotechnical studies, with a drill or drop well
obligation at the end of the term.
The acreage is contiguous with the previously announced 31st
Supplementary Offshore Licensing Round awards both in the Greater
Buchan Area ("GBA") containing the Buchan and J2 discoveries and
the Capri, Chamonix, Courchevel and Zermatt prospects and the
Licence P2170 (Blocks 20/5b and 21/1d) acreage that contains the
Verbier oil discovery, in which JOG holds an 18% working interest
alongside operator, Equinor UK Limited ("Equinor") (70%), and CIECO
V&C (UK) Limited (12%).
Together with its interest in the Verbier discovery and previous
GBA acreage awards, the addition of Block 21/2a to its portfolio
provides the Company a significant opportunity to operate a major
new area development of in excess of 120 million barrels of oil
equivalent ("mmboe") of discovered mean recoverable resources net
to JOG.
Block 21/2a resource estimate
Block Field/Prospect Unrisked Gross Recoverable
Mean Resources (mmboe)
Discovered Prospective
-------------------------- ---------------------- -----------------------
21/2a Glenn 14
-------------------------- ---------------------- -----------------------
Source: JOG Management estimates.
JOG has already commenced work on a Field Development Plan
("FDP") seeking to deliver a JOG-operated area hub development in
line with the OGA's Maximising Economic Recovery of UK petroleum
("MER UK") strategy. JOG is fully funded to an FDP. This area hub
will be planned to incorporate the redevelopment of the Buchan oil
field, together with the development of the J2 oil discovery and
potentially the Glenn and Verbier oil discoveries as well as other
discovered and yet-to-be-found resources in the GBA. First oil,
subject to funding, is targeted for 2024. JOG will evaluate and
determine the optimal sustainable development plan, designed to
deliver phased and extended plateau production.
Enquiries:
Jersey Oil and Gas plc Andrew Benitz, CEO C/o Camarco:
Tel: 020 3757 4983
Strand Hanson Limited James Harris Tel: 020 7409 3494
Matthew Chandler
James Bellman
Arden Partners plc Paul Shackleton Tel: 020 7614 5900
Benjamin Cryer
BMO Capital Markets Limited Jeremy Low Tel: 020 7236 1010
Tom Rider
Camarco Billy Clegg Tel: 020 3757 4983
James Crothers
Qualified Person's Statement:
The information contained in this announcement has been reviewed
and approved by Ronald Lansdell, Chief Operating Officer of Jersey
Oil & Gas, a qualified Geologist and Fellow of the Geological
Society, who has over 40 years' relevant experience within the
sector.
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 owns
an 18% interest in the P2170 licence, Blocks 20/5b & 21/1d,
Outer Moray Firth, in which the operator, Equinor UK Limited, owns
a 70% interest and CIECO V&C (UK) Limited owns a 12% interest.
This licence contains the 2017 Verbier discovery.
Jersey Oil and Gas 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.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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