TIDMJOG
RNS Number : 3622A
Jersey Oil and Gas PLC
29 September 2020
29 September 2020
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Interim Results for Six Months Ended 30 June 2020
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 its interim results for the
six months ended 30 June 2020 (the "Period").
Highlights:
-- Significant progress made in respect of the Concept Select
work for the Company's flagship Greater Buchan Area ("GBA")
development project
* Preferred development concept selected
* New production facility planned at the Buchan field
location
* Proposed platform will be designed to accommodate
fluids from neighbouring field developments via
subsea tie-backs
* Export of potential future oil and gas production
will be via subsea pipeline to existing neighbouring
infrastructure
-- Enhanced subsurface understanding
* P50 technically recoverable 2C resources of more than
138 million stock tank barrels ("MMstb")
* P50 prospective resources of over 200 MMstb
* Buchan oil field dynamically modelled and
history-matched to 36 years of production data
* Volumes assessed using latest Petroleum Geo-Services
ASA ("PGS") 3D seismic data
-- Significant exploration portfolio
* 4 drill-ready exploration prospects with combined P50
prospective resources of 196 MMstb, in close
proximity to the planned Buchan hub
-- Consolidating ownership within the GBA, acquired additional
70% working interest and operatorship in Licence P2170 increasing
both our discovered and prospective resources
-- Strong cash position of approximately GBP8.9m at period end,
c. GBP1m ahead due to cost discipline
Post Period End :
-- In early September 2020, the Company was awarded, subject to
documentation, a 100% working interest in, and operatorship
of, part-block 20/5e, located within JOG's existing GBA development
acreage which contains an extension of the J2 oil discovery
Outlook:
-- Finalisation of the development plan for the GBA
-- A comprehensive update on the exciting near field exploration
potential of the GBA, demonstrating the upside potential to
the development project
-- Progress on area collaboration with regional operators for
both production volumes and power solutions
-- JOG now a signatory of the United Nations Global Compact -
publication of JOG's maiden Sustainability report
-- Launch of the planned GBA funding/farm-out sales process anticipated
in Q1 2021
Andrew Benitz, CEO of Jersey Oil & Gas, commented :
"The Greater Buchan Area is a multi-faceted project and it is
exciting to see the results of the hard work of our project team
now coming together. Work is ongoing to finalise the development
plan of our core project, with optimisation work on production
phasing and on decisions regarding area collaboration, both for
production volumes and power solutions.
"I would like to express my thanks to all our team and everyone
involved in our Greater Buchan Area project, who have worked
seamlessly throughout the COVID-19 pandemic to ensure ongoing
progress. Furthermore, I am grateful, as ever, for the continued
support of our shareholders for whom we hope to deliver significant
further value as the GBA project progresses towards first
production."
Enquiries :
Jersey Oil and Gas plc Andrew Benitz, C/o Camarco:
CEO Tel: 020 3757
4983
Strand Hanson Limited James Harris Tel: 020 7409
Matthew Chandler 3494
James Bellman
Arden Partners plc Paul Shackleton Tel: 020 7614
Benjamin Cryer 5900
BMO Capital Markets Limited Jeremy Low Tel: 020 7236
Tom Rider 1010
Camarco Billy Clegg Tel: 020 3757
James Crothers 4983
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 100% working interests in blocks that contain the Buchan oil
field and J2 and Glenn oil discoveries and an 88% working interest
in the blocks that contain the Verbier oil discovery and other
exploration prospects.
JOG's acreage is estimated by management to contain more than
140 million barrels of oil equivalent ("boe") of discovered mean
recoverable resources net to JOG, in addition to significant
exploration upside potential. JOG is currently progressing the
concept select phase of an FDP for the Greater Buchan Area.
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.
Chairman's Statement
Overview
The first six months of 2020 have continued to be a busy time
for Jersey Oil and Gas ("JOG" or the "Company") as we progressed
work on the Concept Select phase of our planned development of the
Greater Buchan Area (the "GBA"). In this regard, we have brought
together a team with excellent skills, experience and, just as
importantly, a successful track record in developing fields of a
similar size to the GBA, such as Buzzard, Golden Eagle and others
on time and on budget.
Operating Environment
Throughout this period, we have learned to operate within an
environment that has changed the way many companies function. The
COVID-19 outbreak, which began to have a major impact in the UK in
March of this year, has meant that for the safety of our employees
we have all worked from home since that time. Given technological
advances such as video conferencing, this has worked well and we
have not had to slow down our GBA work programmes. The other main
impact of COVID-19, within the oil sector, has been a reduced oil
price, where Brent Crude reached a level of US$20 per barrel in
April 2020 and as at 30 June 2020 was trading at US$41 per barrel.
Given that we have no debt, and that first oil from the GBA is
currently planned for 2025, our development work programme has not
been affected by this fall in the oil price. Long-term forecast oil
prices, however, indicate a relatively moderate level/price, with
the January 2025 forward price of Brent Crude currently trading at
approximately US$52 per barrel, with many market commentators
expecting higher prices.
The Greater Buchan Area
During the period, we acquired Equinor's 70% working interest in
Licence P2170 (Blocks 20/5b and 21/1d), which contains the Verbier
discovery, and as a result, we are now the operator of this
licence, with a total working interest in the licence of 88%. We
regard this as being strategically important to the Company, given
that this acquisition increased both our discovered oil resources
and our prospective resources.
We were also pleased to announce the appointment of Dr Chris
Haynes, OBE, as an adviser to the Board, who is providing guidance
and oversight to our GBA work programmes.
ESG Strategy
We continue to fully endorse the UK Government's commitment to
net zero carbon emissions by 2050. As part of this commitment, and
given we will not be utilising old Buchan infrastructure, we will
seek to use strategies and technologies appropriate for what is
effectively a green field development of the GBA.
Financial Position
The Company's cash reserves at 30 June 2020 were approximately
GBP8.9 million, which fully covers our immediate work programmes
and will take us through the planned GBA sales process.
Outlook
Having selected the fundamentals of a development concept for
the GBA, we are now progressing through the final stages of the
Concept Select work programmes and, once completed, we will be
assessing the timing of a sales process/approach to industry
partners in order to part fund the GBA development. This is an
exciting prospect for the Company, with significant and de-risked
discovered oil volumes that form the core of this development,
together with exploration upside and a working plan on how to
progress to first oil almost completed. The timing of our approach
will be based on an assessment of market conditions prevailing at
that time, including industry sentiment in response to the then
COVID-19 situation and the macroeconomic oil price environment
generally. We currently envisage this sales process most likely
taking place in Q1 2021.
These are potentially transformational times for the Company,
and we look forward to keeping shareholders informed as we progress
the planned GBA development.
Marcus Stanton
Non-Executive Chairman
29 September 2020
Chief Executive Officer's Report
The Greater Buchan Area - Working through Concept Select
Our primary focus during 2020 to date has been on the Concept
Select phase of our planned Greater Buchan Area (GBA) development
and I am pleased to report that we have made exciting and
demonstrable progress. Concept Select sets the foundations for what
will be a major new oil and gas development project in the heart of
the Central North Sea. We have now locked down the subsurface, so
we have confidence in our potential producible volumes and narrowed
down and selected the optimum development concept to ensure that
such volumes can be produced safely and cost effectively and that
the concept furthers our corporate ambitions. Our project team
alone has clocked up over 20,000 manhours and additionally has
utilised the expertise of over 130 industry professionals across
multiple disciplines and contractors in order to deliver the
project to its current advanced stage.
During the first quarter of 2020, we completed an Appraise phase
assessment of development options for the GBA. We then took the
decision to progress this development into the Select Phase. Work
commenced in April 2020, to deliver a single concept to develop the
GBA, which will subsequently be taken forward into the Define
phase. Multiple development concepts have been screened and
evaluated and we have determined that a new, fixed platform
production hub, located over Buchan is the optimal solution. A new
platform will ensure a long production life of at least 25 years
for the GBA, with longevity being a key advantage in light of the
long-term value potential from the surrounding prospectivity. JOG
believes that this proposed new development will be a significant
enabler for Maximising Economic Recovery of oil and gas resources
within this part of the Central North Sea for many years to come.
During the Select phase, our project scope for the GBA has
increased significantly to include the potential for area
collaboration with regional operators both on production and power
solutions. Work is ongoing across multiple workstreams and we look
forward to updating investors and the market upon the conclusion of
our studies.
In aggregate, our subsurface work, that has been the subject of
independent peer review, has confirmed combined and net to JOG, P50
technically recoverable 2C resources of at least 138 MMstb and P50
prospective resources of over 200 MMstb, supporting the potential
for a new area development with low risk and core development-ready
oil volumes, together with significant exploration upside. These
resource volumes have been updated from previously announced mean
estimates, using our enhanced understanding of the subsurface.
Validating and derisking the Subsurface
A key component of Concept Select has been the confirmation of
the oil and gas volumes to be produced. This has been achieved by
building highly detailed and complex reservoir models. Working
together with Rockflow Resources Limited and starting on the
largest accumulation of the planned hub development, a
comprehensive subsurface evaluation of the Buchan oil field
reservoir has been undertaken. Dynamic modelling of the reservoir
was performed by Schlumberger using state of the art software to
determine production forecasts and well locations for the field
development. We have recently completed the dynamic modelling that
accurately history-matched the 36 years' of production data with
respect to the Buchan reservoir and now forms the basis for
confidently forecasting future production profiles. This is a
comprehensive and iterative process providing P50 technically
recoverable 2C resources of more than 80 MMstb of high quality
crude oil with 33.5deg API.
Subsurface evaluation has also been undertaken for the Verbier
and J2 oil discoveries, resulting in P50 technically recoverable 2C
resources of 28 MMstb and 13 MMstb respectively. With the benefit
of the high quality 2018 PGS 3D broadband seismic dataset, covering
the majority of our acreage, we are now able to image the
subsurface across the Greater Buchan Area far more accurately and
with greater resolution than previously. Dynamic reservoir
modelling is in progress for our latest interpretation of Verbier
and J2 and will now be incorporated into ongoing Concept Select
work. Subsurface evaluation has also been completed on the Glenn
oil discovery, with confirmation of P50 technically recoverable 2C
resources of 14 MMstb. The Glenn oil discovery is currently
considered as a future subsea tie-back opportunity. The smaller
Buchan Andrew discovery, which sits stratigraphically above Buchan,
has P50 technically recoverable 2C resources of 3 MMstb and is also
expected to be a future production opportunity.
Significant exploration portfolio
In addition to the evaluation of our discovered resources, JOG
has also completed a comprehensive prospect and leads evaluation
across all of the group's licensed acreage, validating existing
prospectivity and delineating a significant new prospect named
Wengen, located on Licence P2170, directly west of the third party
producing Tweedsmuir field. We have identified four drill-ready
exploration opportunities within our licence portfolio: Verbier
Deep, the Cortina cluster, Wengen (P2170) and Zermatt (P2498), with
combined P50 prospective resources of 196 MMstb. This provides
significant upside potential for the GBA given their immediate
proximity to the intended hub location. The team is currently
working on a drilling schedule to incorporate this near-term
exploration potential into our GBA development plans.
Development Concept
The preferred development concept for the GBA is to locate a new
production facility at the Buchan field location. The facility will
be supported by a single 4-legged steel substructure. Production
wells for Buchan and J2 will be drilled from the platform location
utilising a heavy duty jack-up. The platform will house production
facilities to process fluids to export specification. Export of
future oil and gas production will be via subsea pipeline to
existing neighbouring infrastructure. Additionally, the platform
will be designed to accommodate fluids from nearby field
developments via subsea tie-backs.
The Buchan location benefits from close proximity to existing
export infrastructure for both oil and gas, lowering our costs of
getting product to market. Engagement with operators of these
pipeline systems has confirmed entry specification requirements and
tie-in locations. The entry specifications of each export option
are broadly similar and hence the export route choice does not have
a significant impact on the processing requirements for the GBA
facilities.
A new platform will ensure a long production life of at least 25
years for the GBA, acting as a hub for:
- Core discovered and development ready resources owned by JOG
- Additional discoveries owned by JOG
- Exploration upside owned by JOG
- Third party discoveries and prospective resources within the GBA catchment area
- Otherwise stranded reserves from shut-in regional production hubs
Regional Collaboration
A key advantage for the longevity of the GBA and long-term value
potential is its surrounding prospectivity, with future ullage
potential from nearby discoveries owned by JOG, nearby high-graded
exploration targets owned by JOG and other third party operated
proximal discoveries. Discussions and other work is ongoing for
potential area collaboration with third party operators to
establish if the GBA facilities can act as a regional hub to tie
other hydrocarbon discoveries back to the planned Buchan
facilities.
Power Options
JOG recognises the need and has an aspiration, to deliver
production from the GBA development at an industry-leading carbon
intensity level. Accordingly, options have been assessed that offer
the opportunity to eliminate carbon dioxide emissions associated
with power generation on the platform.
Studies have determined that the most attractive technically
feasible solution for platform electrification is to provide power
via a connection to the UK national grid via the installation of a
subsea cable. The provision of power from shore offers the
opportunity to eliminate gas turbines and fuel gas treatment
utilities from the facility.
There is also the potential for the GBA to act as a power hub
and be an enabler for wider electrification of third party
infrastructure owners in the Outer Moray Firth of the Central North
Sea potentially reducing JOG's capital requirement through
collaboration and improving the platform electrification economics.
Work continues on our commercial assessment of alternative power
solutions, which will be commercially evaluated against
conventional (gas turbine) power solutions.
Other licence activity
During January 2020, JOG announced that it had entered into a
conditional Sale and Purchase Agreement ("SPA") to acquire
operatorship of, and an additional 70% working interest in, Licence
P2170 (Blocks 20/5b and 21/1d) from Equinor UK Limited ("Equinor").
The consideration for the acquisition comprised two future
milestone payments and a royalty based on potential future oil
volumes produced from the Verbier Upper Jurassic (J62-J64)
reservoir oil discovery (the "Verbier Field"), as further detailed
below.
Milestone payments:
-- US$3m upon the UK Oil & Gas Authority's ("OGA")
sanctioning of a field development plan ("FDP") for the Verbier
Field
-- US$5m upon first oil from the Verbier Field
The earliest of the milestone payments in respect of the
acquisition is not currently anticipated to be payable before the
start of 2022.
Royalty Terms:
A gross revenue royalty on the oil production generated from the
Verbier Field calculated on a 70% working interest for on-block
volumes at the following levels:
-- 5% for the first 12 million barrels of oil produced and
sold
-- 4% for the subsequent 13 million barrels of oil produced and
sold
-- 2% for the next 10 million barrels of oil produced and
sold
Acquiring these additional discovered oil volumes enhanced JOG's
project value considerably and at the same time strengthens our
plan to bring Verbier into future production through the GBA hub
development. JOG is now Operator of Licence P2170 and has a working
interest in the licence of 88%.
Additionally and post period end, JOG has been awarded, subject
to documentation, a 100% working interest in, and operatorship of,
part-block 20/5e in the OGA's 32nd Offshore Licensing Round.
Part-block 20/5e is located within JOG's existing GBA development
acreage and contains an extension of the J2 (well 20/05a-10Y) oil
discovery.
Environmental, Social and Governance ("ESG") Considerations
At JOG, we have a responsibility to our people, the environment
and the wider community. In 2020, this has meant embracing new ESG
strategies, developing metrics, and implementing the management
structure necessary to oversee them.
JOG is now a proud signatory of the United Nations Global
Compact, an initiative we are utilising to proactively address and
communicate our ESG progress in alignment with the internationally
recognised Sustainable Development Goals. In the six month period
to 30 June 2020, the Company has striven for meaningful business
action through continuous dynamic self-assessment, benchmarking and
improvement. The data produced has provided a comprehensive
baseline of the Company's performance on social code of conduct,
labour practices, environmental management and good governance
strategies. JOG is now tracking its carbon emissions as a business
and these will be reported going forward.
JOG views sustainability as being a key component of its licence
to operate, placing ESG at the centre of the Company's corporate
values. 2020 is to be defined as JOG's foundational year upon which
our approach to ESG will continuously improve. Prior to the year
end JOG will publish its maiden Sustainability Report. We are also
pleased to confirm that we have introduced ESG-related KPIs.
JOG is evaluating additional off-setting measures to assess the
potential of becoming one of the first carbon neutral oil companies
when the planned GBA development reaches first oil.
JOG's Acquisition Strategy
2020 to date has seen oil prices hit all time lows and the shock
of supply conflicts, demand slump and diminished investor sentiment
which have all challenged our industry to its limit. We think that
this presents opportunities and with the North Sea being the most
active market for acquisitions and disposals outside of North
America.
Financial Review
JOG's cash position was approximately GBP8.9 million as of 30
June 2020. As an oil and gas exploration and development company,
JOG had no production revenue during the period and received only a
small amount of interest on it's cash deposits.
JOG has been issued with two invoices for uplift payments by
TGS-NOPEC Geophysical Company ASA, amounting to approximately
US$1m, in respect of certain licence awards/acquisitions made by
Jersey Petroleum Limited. As explained in Note 15 of our accounts
we are disputing both of these invoices and this matter is now
proceeding to litigation.
The loss for the six months to 30 June 2020, before and after
tax, was GBP1.2m (2019 interims: GBP0.4m). Our main expenditure
during the six month period related to the ongoing Concept Select
work on our GBA project. We are currently approximately GBP1.0m
ahead of our previously announced annual budget of GBP7.5m, through
our project team's prudent and careful management of it's budget
whilst still delivering the schedule of works.
Outlook
The planned GBA development is a multi-faceted project and it is
exciting to see the results of the hard work of our project team
now coming together. Work is ongoing to finalise the development
plan of our core project, with optimisation work on production
phasing and on decisions regarding area collaboration both for
production volumes and power solutions. In the lead up to the year
end, we can look forward to further updates from our team in
respect of:
- Finalisation of the development plan for the GBA
- A comprehensive update on the exciting near field exploration
potential of the GBA demonstrating the upside potential to the
development project
- Progress on area collaboration with regional operators for
both production volumes and power solutions
- A full ESG report integrated throughout our corporate and project plans
We are also working with our advisers on being ready to launch
the planned GBA sales process. Given the current market conditions,
we now expect to commence this process during Q1 2021. Conditional
on the timing for securing the requisite funding, the FEED stage is
currently anticipated to commence in Q3 2021 with FID expected by
mid-2022 and, based on the current development schedule and
proposed concept selected, first oil is targeted for 2025.
Planned future production from the GBA development project is
expected to be well timed to benefit from a potential oil price
recovery. JOG expects a significant supply crunch from global under
investment in upstream projects, which can be expected to lead to
an oil price increase favourably timed for our planned
development.
I would like to express my thanks to all our team and everyone
involved in our GBA project, who have worked seamlessly throughout
the COVID-19 pandemic to ensure ongoing progress. The GBA will be a
major development project, create many jobs and ultimately produce
a vital domestically sourced and affordable supply of energy. I am
grateful, as ever, for the continued support of our shareholders
for whom we hope to deliver significant further value as the GBA
project progresses towards first production.
Andrew Benitz
Chief Executive Officer
29 September 2020
JERSEY OIL AND GAS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2020
6 months 6 months Year to
to to
30/06/20 30/06/19 31/12/19
(unaudited) (unaudited) (audited)
Notes GBP GBP GBP
CONTINUING OPERATIONS
Revenue - - -
Cost of sales (45,731) (451,997) (666,053)
GROSS LOSS (45,731) (451,997) (666,053)
Other income 5 - 750,000 750,000
Loss on sale of assets - - (17,975)
Administrative expenses (1,145,657) (768,055) (2,237,429)
OPERATING LOSS (1,191,388) (470,052) (2,171,457)
Finance income 24,080 57,541 106,867
Finance expense (1,221) - (419)
LOSS BEFORE TAX (1,168,529) (412,511) (2,065,009)
Tax 8 - - -
LOSS FOR THE PERIOD (1,168,529) (412,511) (2,065,009)
OTHER COMPREHENSIVE INCOME - - -
TOTAL COMPREHENSIVE LOSS FOR
THE PERIOD (1,168,529) (412,511) (2,065,009)
============ ============ ============
Total comprehensive loss attributable
to:
Owners of the parent (1,168,529) (412,511) (2,065,009)
============ ============ ============
Loss per share expressed
in pence per share:
Basic 9 (5.35) (1.89) (9.46)
Diluted (5.35) (1.89) (9.46)
============ ============ ============
The above consolidated statement of comprehensive income should
be read in conjunction with the accompanying notes.
JERSEY OIL AND GAS PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020
30/06/20 30/06/19 31/12/19
(unaudited) (unaudited) (audited)
Notes GBP GBP GBP
NON-CURRENT
ASSETS
Intangible
assets
-
Exploration
costs 10 12,625,032 8,072,860 10,092,564
Property,
plant
and
equipment 11 51,243 34,656 13,661
Right-of-use
assets 12 269,333 - 164,125
Deposits 82,642 - 28,420
------------- ------------- -------------
13,028,250 8,107,516 10,298,770
------------- ------------- -------------
CURRENT
ASSETS
Trade
and
other
receivables 6 591,134 440,931 428,310
Cash
and
cash
equivalents 14 8,881,309 15,527,814 12,318,536
------------- ------------- -------------
9,472,443 15,968,745 12,746,846
------------- ------------- -------------
TOTAL
ASSETS 22,500,693 24,076,261 23,045,616
============= ============= =============
EQUITY
SHAREHOLDERS'
EQUITY
Called
up
share
capital 2,466,144 2,466,144 2,466,144
Share
premium
account 93,851,526 93,851,526 93,851,526
Share
options
reserve 2,031,994 1,607,667 1,928,099
Accumulated
losses (76,896,417) (74,075,390) (75,727,888)
Reorganisation
reserve (382,543) (382,543) (382,543)
------------- ------------- -------------
TOTAL
EQUITY 21,070,704 23,467,404 22,135,338
------------- ------------- -------------
NON-CURRENT
LIABILITIES
Lease liabilities 12 136,975 - 154,208
------------- ------------- -------------
136,975 - 154,208
------------- ------------- -------------
CURRENT
LIABILITIES
Trade
and
other
payables 7 914,042 608,857 742,166
Provisions 15 200,000 - -
Lease liabilities 12 178,972 - 13,904
------------- ------------- -------------
1,293,014 608,857 756,070
------------- ------------- -------------
TOTAL
LIABILITIES 1,429,989 608,857 910,278
------------- ------------- -------------
TOTAL
EQUITY
AND
LIABILITIES 22,500,693 24,076,261 23,045,616
============= ============= =============
The above consolidated statement of financial position should be
read in conjunction with the accompanying notes.
JERSEY OIL & GAS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2020
Called Share Share Re-
up share premium options Accumulated organisation Total
capital account reserve Losses reserve equity
GBP GBP GBP GBP GBP GBP
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
At 1 January
2019 2,466,144 93,851,526 1,491,019 (73,662,879) (382,543) 23,763,267
Loss for the
period
and total
comprehensive
income - - - (412,511) - (412,511)
Share based
payments - - 116,648 - - 116,648
At 30 June 2019 2,466,144 93,851,526 1,607,667 (74,075,390) (382,543) 23,467,404
============= ============= ============= ============== ============== =============
At 1 January
2020 2,466,144 93,851,526 1,928,099 (75,727,888) (382,543) 22,135,338
Loss for the
period
and total
comprehensive
income - - - (1,168,529) - (1,168,529)
Share based
payments - - 103,895 - - 103,895
At 30 June 2020 2,466,144 93,851,526 2,031,994 (76,896,417) (382,543) 21,070,704
============= ============= ============= ============== ============== =============
The following describes the nature and purpose of each reserve
within owners' equity:
Reserve Description and purpose
Called up share capital Represents the nominal value of shares
issued
Share premium account Amount subscribed for share capital in
excess of nominal value
Share options reserve Represents the accumulated balance of
share based payment charges recognised in respect of share options
granted by the Company less transfers to retained deficit in
respect of options exercised or cancelled/lapsed
Accumulated losses Cumulative losses recognised in the
Consolidated Statement of Comprehensive Income
Reorganisation reserve Amounts resulting from the restructuring
of the Group
The above consolidated statement of changes in equity should be
read in conjunction with the accompanying notes
JERSEY OIL AND GAS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2020
6 months 6 months Year
to to to
30/06/20 30/06/19 31/12/19
(unaudited) (unaudited) (audited)
Notes GBP GBP GBP
CASH FLOWS FROM OPERATING ACTIVITIES
Cash used in operations 13 (879,953) (534,053) (1,769,004)
Net interest received 24,080 57,541 106,867
Net interest paid (1,221) - (419)
------------ ------------
Net cash used in operating activities (857,094) (476,512) (1,662,556)
------------ ------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds on sale of tangible assets - - 3,603
Purchase of intangible assets 10 (2,532,468) (3,766,271) (5,785,975)
Purchase of tangible assets 11 (47,665) (11,914) (19,047)
Net cash used in investing activities (2,580,133) (3,778,185) (5,801,419)
------------ ------------ ------------
DECREASE IN CASH AND CASH EQUIVALENTS (3,437,227) (4,254,697) (7,463,975)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 14 12,318,536 19,782,511 19,782,511
------------ ------------ ------------
CASH AND CASH EQUIVALENTS AT
OF PERIOD 14 8,881,309 15,527,814 12,318,536
============ ============ ============
The above consolidated statement of cash flows should be read in
conjunction with the accompanying notes
JERSEY OIL AND GAS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 JUNE 2020
1. GENERAL INFORMATION
Jersey Oil and Gas plc (the "Company") and its subsidiaries
(together, "the Group") are involved in the upstream oil and gas
business in the U.K.
The Company is a public limited company, which is quoted on AIM,
a market operated by London Stock Exchange plc and incorporated and
domiciled in the United Kingdom. The address of its registered
office is 10 The Triangle, ng2 Business Park, Nottingham,
Nottinghamshire NG2 1AE.
2. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies adopted are consistent with those
applied in the previous financial year, unless otherwise
stated.
These consolidated interim financial statements have been
prepared under the historic cost convention, using the accounting
policies that will be applied in the Group's statutory financial
information for the year ended 31 December 2020 and in accordance
with the Disclosure and Transparency Rules of the Financial Conduct
Authority and with IAS 34 'Interim financial reporting'. The
condensed interim financial statements should be read in
conjunction with the annual financial statements for the year ended
31 December 2019, which have been prepared in accordance with IFRS
as adopted by the European Union.
Going Concern
The Company is required to have sufficient resources to cover
the expected running costs of the business for a period of at least
12 months after the issue of these financial statements. Further to
completion of the detailed studies in connection with the GBA
Concept Select contracted work programmes, there are currently no
firm work commitments on any of our licences, other than ongoing
Operator overheads and licence fees. Other work that the Company is
undertaking in respect of the GBA licences and surrounding areas is
modest relative to its current cash reserves. The Group's current
cash reserves, as the principal source of funding for the Company,
are therefore expected to more than exceed its estimated
liabilities. Based on these circumstances, the Directors have
considered it appropriate to adopt the going concern basis of
accounting in preparing its consolidated financial statements.
The reports for the six months ended 30 June 2020 and 30 June
2019 are unaudited and do not constitute statutory accounts as
defined by the Companies Act 2006. The financial statements for 31
December 2019 have been prepared and delivered to the Registrar of
Companies. The auditors' report on those financial statements was
unqualified. Their report did not contain a statement under section
498 of the Companies Act 2006.
Changes in Accounting Policies and Disclosures
(a) New and amended standards adopted by the Company:
At the start of the year the following standards were
adopted:
-- IFRS 16, 'Leases';
-- Prepayment Features with Negative Compensation - Amendments
to IFRS 9;
-- Long-term Interests in Associates and Joint Ventures -
Amendments to IAS 28;
-- Annual Improvements to IFRS Standards 2015-2017 Cycle;
-- Plan Amendment, Curtailment or Settlement - Amendments to IAS
19; and
-- Interpretation 23 'Uncertainty over Income Tax
Treatments'.
The Group had to change its accounting policies as a result of
adopting IFRS 16. From 1 January 2019, leases are recognised as a
right-of-use asset and a corresponding liability at the date at
which the leased asset is available for use by the Group. The Group
adopted the practical expedient available to not apply IFRS 16 to
leases less than GBP5,000 in value or less than 12 month in lease
term. The other amendments listed above did not have any impact on
the amounts recognised in prior periods. At 1 January 2019 the
Group had no lease arrangements applicable for IFRS 16 so no
transition adjustment was recognised.
(b) Certain new accounting standards and interpretations have
been published that are not mandatory for 30 June 2020
reporting periods and have not been early adopted by the Group.
These standards are not expected to have a material impact on the
entity in the current or future reporting periods and on
foreseeable future transactions.
The Group's results are not impacted by seasonality.
Significant Accounting Judgements and Estimates
The preparation of the financial statements requires management
to make estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities at the
date of the financial statements. If in future such estimates
and
assumptions, which are based on management's best judgement at
the date of the financial statements, deviate from the actual
circumstances, the original estimates and assumptions will be
modified as appropriate in the period in which the
circumstances
change. The Group's accounting policies make use of accounting
estimates and judgements in the following areas:
-- The assessment of the existence of impairment triggers
-- The estimation of share-based payment costs
Impairments
The Group tests its capitalised exploration licence costs for
impairment when facts and circumstances suggest that the
carrying
amount exceeds the recoverable amount. The recoverable amounts
of Cash Generating Units are determined based on fair value
less costs of disposal calculations. There were no impairment
triggers in the first half of 2020 and no impairment charge has
been recorded.
Revenue recognition
Revenue is recognised to the extent that it is probable that
economic benefits will flow to the Group and the revenue can be
reliably measured. It is measured at the fair value of
consideration received or receivable for the sale of goods.
Acquisitions, Asset Purchases and Disposals
Acquisitions of oil and gas properties are accounted for under
the purchase method where the acquisitions meet the definition
of
a business combination.
Transactions involving the purchase of an individual field
interest, farm-ins, farm-outs, or acquisitions of exploration and
evaluation licences for which a development decision has not yet
been made that do not qualify as a business combination, are
treated as asset purchases. Accordingly, no goodwill or deferred
tax arises. The purchase consideration is allocated to the assets
and liabilities purchased on an appropriate basis. Proceeds on
disposal (including farm-ins/farm-outs) are applied to the carrying
amount of the specific intangible asset or development and
production assets disposed of and any surplus is recorded as a gain
on disposal in the Consolidated Statement of Comprehensive
Income.
Exploration and Evaluation Costs
The Group accounts for oil and gas exploration and evaluation
costs using IFRS 6 "Exploration for and Evaluation of Mineral
Resources". Such costs are initially capitalised as Intangible
Assets and include payments to acquire the legal right to
explore,
together with the directly related costs of technical services
and studies, seismic acquisition, exploratory drilling and testing.
The
Group only capitalises costs as intangible assets once the legal
right to explore an area has been obtained. The Group assesses the
intangible assets for indicators of impairment at each reporting
date.
Potential indicators of impairment include but are not limited
to:
a. the period for which the Group has the right to explore in
the specific area has expired during the period or will expire in
the near future, and is not expected to be renewed.
b. substantive expenditure on further exploration for and
evaluation of oil and gas reserves in the specific area is
neither
budgeted nor planned.
c. exploration for and evaluation of oil and gas reserves in the
specific area have not led to the discovery of commercially viable
quantities of oil and gas reserves and the entity has decided to
discontinue such activities in the specific area.
d. sufficient data exist to indicate that, although a
development in the specific area is likely to proceed, the carrying
amount of the exploration and evaluation asset is unlikely to be
recovered in full from successful development or by sale.
In the event an impairment trigger is identified the Group
performs a full impairment test for the asset under the
requirements of
IAS 36 Impairment of assets. An impairment loss is recognised
for the amount by which the exploration and evaluation assets'
carrying amount exceeds their recoverable amount. The
recoverable amount is the higher of the exploration and evaluation
assets' fair value less costs to sell and their value in use.
Cost of Sales
Within the statement of comprehensive income, costs directly
associated with generating revenue are included in cost of sales.
The Group only capitalises costs as intangible assets once the
legal right to explore an area has been obtained, any costs
incurred prior to the date of acquisition are recognised as cost of
sales within the Statement of Comprehensive Income.
Property, Plant and Equipment
Property, plant and equipment is stated at historic purchase
cost less accumulated depreciation. Asset lives and residual
amounts are reassessed each year. Cost includes the original
purchase price of the asset and the costs attributable to bringing
the asset to its working condition for its intended use.
Depreciation on these assets is calculated on a straight-line
basis as follows:
Computer & office equipment 3 years
Leases
Until the last financial year, leases of property, plant and
equipment were classified as either finance leases or operating
leases. From 1 January 2019, leases are recognised as a
right-of-use asset and a corresponding liability at the date at
which the leased asset is available for use by the Group.
Assets and liabilities arising from a lease are initially
measured on a present value basis. Lease liabilities include the
net present value of the following lease payments:
-- fixed payments (including in-substance fixed payments), less
any lease incentives receivable;
-- variable lease payments that are based on an index or a rate,
initially measured using the index or rate as at the
commencement
date;
-- amounts expected to be payable by the Group under residual
value guarantees;
-- the exercise price of a purchase option if the Group is
reasonably certain to exercise that option; and
-- payments of penalties for terminating the lease, if the lease
term reflects the Group exercising that option.
Lease payments to be made under reasonably certain extension
options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate
implicit in the lease. If that rate cannot be readily determined,
which is generally the case for leases in the Group, the lessee's
incremental borrowing rate is used, being the rate that the
individual lessee would have to pay to borrow the funds necessary
to obtain an asset of similar value to the right-of-use asset in a
similar economic environment with similar terms, security and
conditions.
To determine the incremental borrowing rate, the Group where
possible, uses recent third-party financing received by the
individual lessee as a starting point, adjusted to reflect
changes in financing conditions since third party financing was
received.
Lease payments are allocated between principal and finance cost.
The finance cost is charged to profit or loss over the lease
period to produce a constant periodic rate of interest on the
remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the
following:
-- the amount of the initial measurement of lease liability;
-- any lease payments made at or before the commencement date
less any lease incentives received;
-- any initial direct costs; and
-- restoration costs.
Right-of-use assets are generally depreciated over the shorter
of the asset's useful life and the lease term on a straight-line
basis. If the Group is reasonably certain to exercise a purchase
option, the right-of-use asset is depreciated over the underlying
asset's useful life.
Payments associated with short-term leases of equipment and
vehicles and all leases of low-value assets are recognised on a
straight-line basis as an expense in profit or loss. Short-term
leases are leases with a lease term of 12 months or less. Low-value
assets comprise any lease with a value of GBP5,000 or less.
Provisions
Provisions for legal claims, service warranties and make good
obligations are recognised when the group has a present legal or
constructive obligation as a result of past events, it is probable
that an outflow of resources will be required to settle the
obligation, and the amount can be reliably estimated. Provisions
are not recognised for future operating losses. Provisions are
measured at the present value of management's best estimate of the
expenditure required to settle the present obligation at the end of
the reporting period.
Joint Ventures
The Group participates in joint venture agreements with
strategic partners. The Group accounts for its share of assets,
liabilities, income and expenditure of these joint venture
agreements and discloses the details in the appropriate Statement
of Financial Position and Statement of Comprehensive Income
headings in the proportion that relates to the Group per the joint
venture agreement.
Financial instruments
Financial assets and financial liabilities are recognised in the
Group's Statement of Financial Position when the Group becomes
party to the contractual provisions of the instrument. The Group
does not have any derivative financial instruments.
Cash and cash equivalents include cash in hand and deposits held
on call with banks with a maturity of three months or less.
Trade receivables are recognised initially at fair value and
subsequently measured at amortised cost using the effective
interest method, less any expected credit loss. The Company
recognises an allowance for expected credit losses (ECLs) for all
debt instruments not held at fair value through profit or loss.
ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the
Company expects to receive, discounted at an approximation of the
original effective interest rate. The carrying amount of the asset
is reduced through the use of an allowance account, and the amount
of the loss will be recognised in the Consolidated Statement of
Comprehensive Income within administrative expenses. Subsequent
recoveries of amounts previously provided for are credited against
administrative expenses in the Consolidated Statement of
Comprehensive Income.
Trade payables are stated initially at fair value and
subsequently measured at amortised cost.
Foreign Currencies
The functional currency of the Group is Sterling. Monetary
assets and liabilities in foreign currencies are translated into
Sterling at the rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into Sterling at
the rate of exchange ruling at the date of the transaction. Gains
and losses arising on retranslation are recognised in the
Consolidated Statement of Comprehensive Income for the year.
Employee Benefit Costs
Payments to defined contribution retirement benefit schemes are
recognised as an expense when employees have rendered service
entitling them to contributions.
Other Income
Other income relates to proceeds received from settlements and
is only recognised in the statement of comprehensive income when it
is virtually certain the economic benefits will flow to the
Group.
Share Capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net
of tax, from the proceeds.
Share Based Payments
The Group currently has a number of share schemes that give rise
to share-based charges. The charge to operating profit for these
schemes for the period amounted to GBP103,895 (2019: GBP116,648).
For the purposes of calculating the fair value of the share
options, a Black-Scholes option pricing model has been used. Based
on past experience, it has been assumed that options will be
exercised, on average, at the mid-point between vesting and
expiring. The share price volatility used in the calculation is
based on the actual volatility of the Company's shares, since 1
January 2017. The risk-free rate of return is based on the implied
yield available on zero coupon gilts with a term remaining equal to
the expected lifetime of the options at the date of grant.
3. SEGMENTAL REPORTING
The Directors consider that the Group operates in a single
segment, that of oil and gas exploration, appraisal, development
and production, in a single geographical location, the North Sea of
the United Kingdom and do not consider it appropriate to
disaggregate data further from that disclosed.
JERSEY OIL AND GAS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 JUNE 2020
4. FAIR VALUE OF NON-DERIVATIVE FINANCIAL ASSETS AND FINANCIAL LIABILITIES
Maturity analysis of financial assets and liabilities
Financial Assets
30/06/20 30/06/19 31/12/19
(unaudited) (unaudited) (audited)
------------ ------------ ----------
GBP GBP GBP
Up to 3 months 635,775 57,841 439,014
3 to 6 months 35,980 - 10,704
Over 6 months 271,354 - 171,137
------------ ------------ ----------
943,109 57,841 620,855
============ ============ ==========
Financial Liabilities
30/06/20 30/06/19 31/12/19
GBP (unaudited) GBP
Up to 3 months 1,173,219 608,857 718,614
3 to 6 months 39,633 - 1,274
Over 6 months 217,137 - 165,574
---------- ------------ ---------
1,429,989 608,857 885,462
========== ============ =========
5. OTHER INCOME
30/06/20 30/06/19 31/12/19
(unaudited) (unaudited) (audited)
GBP GBP GBP
Settlement agreement with Total
E&P UK Limited - 750,000 750,000
-------------- ------------ ----------
- 750,000 750,000
============== ============ ==========
6. TRADE AND OTHER RECEIVABLES
30/06/20 30/06/19 31/12/19
(unaudited) (unaudited) (audited)
GBP GBP GBP
Other receivables 187,514 657 135,548
Prepayments and accrued income 194,147 294,883 121,418
Joint venture debtor - 83,069 -
Value added tax 209,473 62,322 171,344
591,134 440,931 428,310
============ ============ ===========
7. TRADE AND OTHER PAYABLES
30/06/20 30/06/19 31/12/19
(unaudited) (unaudited) (audited)
GBP GBP GBP
Trade payables 510,461 546,427 399,791
Accrued expenses 154,814 26,551 131,706
Other payables 183,486 - 74,298
Taxation and Social Security 65,281 35,879 136,371
914,042 608,857 742,166
============ ============ ==========
8. TAX
Jersey Oil and Gas plc is a trading company but no liability to
UK corporation tax arose on the ordinary activities for the period
ended 30 June 2020 due to trading losses. As at 31 December 2019,
the Group held tax losses of approximately GBP39 million.
JERSEY OIL AND GAS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 JUNE 2020
9. EARNINGS/(LOSS) PER SHARE
Basic loss per share is calculated by dividing the losses
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
Diluted loss per share is calculated using the weighted average
number of shares adjusted to assume the conversion of all dilutive
potential ordinary shares.
Earnings Weighted
attributable average
to ordinary number Per share
shareholders of shares amount
GBP Pence
Period ended 30 June 2020
Basic and Diluted EPS
Loss attributable to ordinary
shareholders (1,168,529) 21,829,227 (5.35)
============== =========== ==========
10. INTANGIBLE ASSETS
Exploration
Costs
GBP
COST
At 1 January 2020 10,267,805
Additions 2,532,468
At 30 June 2020 12,800,273
============
ACCUMULATED AMORTISATION
At 1 January 2020 175,241
At 30 June 2020 175,241
============
NET BOOK VALUE at 30 June
2020 12,625,032
============
11. PROPERTY, PLANT AND EQUIPMENT
Computer
and office
equipment
GBP
COST
At 1 January 2020 143,582
Additions 47,665
At 30 June 2020 191,247
==========
ACCUMULATED AMORTISATION, DEPLETION AND
DEPRECIATION
At 1 January 2020 129,921
Charge for period 10,083
At 30 June 2020 140,004
==========
NET BOOK VALUE at 30 June
2020 51,243
==========
JERSEY OIL AND GAS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 JUNE 2020
12. LEASES
Amounts Recognised in the Statement of financial position
30/06/20 30/06/19 31/12/19
(unaudited) (unaudited) (audited)
Right-of-use Assets GBP GBP GBP
Buildings 269,333 - 164,125
Equipment - - -
Vehicles - - -
Other - - -
------------ ------------ ----------
269,333 - 164,125
============ ============ ==========
30/06/20 30/06/19 31/12/19
Lease liabilities (unaudited) (unaudited) (audited)
GBP GBP GBP
Current 178,972 - 13,904
Non-Current 136,975 - 154,208
------------ ------------ ----------
315,947 - 168,112
============ ============ ==========
On adoption of IFRS 16, the group recognised lease liabilities
in relation to leases which had previously been classified as
'operating leases' under the principles of IAS 17, 'Leases'. These
liabilities were measured at the present value of the remaining
lease payments, discounted using the lessee's incremental borrowing
rate as of 1 January 2019. The weighted average lessee's
incremental borrowing rate applied to the lease liabilities is
3%.
The right-of-use assets and the associated lease liabilities
pertain soley to Jersey Oil and Gas's offices in London and
Jersey.
At 1 January 2019 the group held no leases which required the
2019 comparatives to be restated.
Amounts Recognised in the Statement of comprehensive income
30/06/20 30/06/19 31/12/19
(unaudited) (unaudited) (audited)
GBP GBP GBP
Depreciation charge of right-of-use
asset
Buildings 63,534 - 3,568
Equipment - - -
Vehicles - - -
Other - - -
------------ ------------ ------------
63,534 - 3,568
============ ============ ============
JERSEY OIL AND GAS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 JUNE 2020
13. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
RECONCILIATION OF LOSS BEFORE TAX TO CASH USED IN OPERATIONS
30/06/20 30/06/19 31/12/19
(unaudited) (unaudited) (audited)
GBP GBP GBP
Loss for the period before
tax (1,168,529) (412,511) (2,065,009)
Adjusted for:
Amortisation, impairments,
depletion and depreciation 10,083 7,522 14,067
Depreciation right-of-use
asset 63,534 - 3,568
Share based payments (net) 103,895 116,648 437,080
Provisions 200,000 - -
Loss on disposal of assets - - 17,980
Finance costs 1,221 - 419
Finance income (24,080) (57,541) (106,867)
------------ ------------ --------------
(813,876) (345,882) (1,698,762)
Decrease in inventories
(Increase)/decrease in trade
and other receivables (385,788) (360,337) (543,829)
Increase/(decrease) in trade
and other payables 319,711 172,166 473,587
------------ ------------ --------------
Cash used in operations (879,953) (534,053) (1,769,004)
============ ============ ==============
14. CASH AND CASH EQUIVALENTS
The amounts disclosed in the consolidated statement of cash
flows in respect of cash and cash equivalents are in respect of
these consolidated statement of financial position amounts:
Period ended 30 June 30/06/20 30/06/19 31/12/19
2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash and cash equivalents 8,881,309 15,527,814 12,318,536
------------ ------------
8,881,309 15,527,814 12,318,536
============ ============ ===========
15. CONTINGENT LIABILITIES & PROVISIONS
30/06/20 30/06/19 31/12/19
(unaudited) (unaudited) (audited)
GBP GBP GBP
Provisions 200,000 - -
============ ============== ============
TGS: Pursuant to an agreement entered into with TGS-NOPEC
Geophysical Company ASA ("TGS") on 9 February 2018, TGS has now
claimed two additional uplift payments from JOG totalling
US$1,050,838 in respect of, a) licence awards to Jersey Petroleum
Limited ("JPL") in the 31 SLR, and b) the acquisition by JPL of
Equinor's 70% interest in Licence P2170. Jersey Oil and Gas plc
disputes the validity of both claims. A litigation process has
commenced and, as a precautionary measure, a provision of
GBP200,000 has been made in respect of these claims.
2015 settlement agreement with the Athena Consortium: In
accordance with a 2015 settlement agreement reached with the Athena
Consortium, although Jersey Petroleum Limited remains a Licensee in
the joint venture, any past or future liabilities in respect of its
interest can only be satisfied from the Group's share of the
revenue that the Athena Oil Field generates and up to 60% of net
disposal proceeds or net petroleum profits from the Group's
interests in the P2170 and P1989 licences which are the only
remaining assets still held that were in the Group at the time of
the agreement with the Athena Consortium who hold security over
these assets.
Any future repayments, capped at the unpaid liability associated
with the Athena Oil Field, cannot be calculated with any certainty,
and any remaining liability still in existence once the Athena Oil
Field has been decommissioned will be written off. A payment was
made in 2016 to the Athena Consortium in line with this agreement
following the farm-out of P2170 (Verbier) to Equinor and the
subsequent receipt of monies relating to that farm-out.
16. RELATED PARTIES
During the period the Company made loans available to its wholly
owned subsidiaries and received loans from its wholly owned
subidiaries. At the end of the period, Jersey Petroleum Ltd owed
GBP80,712,810 (30 June 2019: GBP75,490,919) to the Company and
Jersey Oil & Gas E&P Ltd owed GBP2,826,957 (30 June 2019:
GBP1,767,898) to the Company. At the end of the period, the Company
owed Jersey North Sea Holdings Ltd GBP211,676 (30 June 2019:
GBP211,676).
During the period, the Company charged management fees to Jersey
Petroleum Ltd amounting to GBP1,107,008 (30 June 2019:
GBP550,643).
17. POST BALANCE SHEET EVENTS
Post period end, JOG was awarded, subject to documentation, a
100% working interest in, and operatorship of, part-block 20/5e in
the Oil & Gas Authority's ("OGA's") 32nd Offshore Licensing
Round. Part-block 20/5e is located within JOG's existing GBA
development acreage and contains an extension of the J2 (well
20/05a-10Y) oil discovery.
18. AVAILABILITY OF THE INTERIM REPORT 2020
A copy of these results will be made available for inspection at
the Company's registered office during normal business hours on any
weekday. The Company's registered office is at 10 The Triangle, ng2
Business Park, Nottingham, Nottinghamshire NG2 1AE. A copy can also
be downloaded from the Company's website at
www.jerseyoilandgas.com. Jersey Oil and Gas plc is registered in
England and Wales with registration number 7503957.
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IR EAPNPAFDEEFA
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