Jersey Oil and Gas PLC Response to Media Speculation (9784R)
March 11 2021 - 7:09AM
UK Regulatory
TIDMJOG
RNS Number : 9784R
Jersey Oil and Gas PLC
11 March 2021
11 March 2021
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Response to Media Speculation
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and
gas company focused on the UK Continental Shelf ("UKCS") region of
the North Sea, notes certain media speculation in regard to the
Company potentially undertaking an equity fundraise.
Further to the Company's announcement of 3 March 2021 setting
out the findings of the Company's Concept Select report in respect
of its Greater Buchan Area ("GBA") Development Project, the planned
farm-out process has now been formally launched. The Company
confirms that it is in discussions regarding a fundraising of
between GBP10 to 15 million. The net proceeds of such a potential
fundraise would be utilised to maintain momentum for the next phase
of workstreams on the project and augment the Company's existing
cash reserves during farm-out discussions.
There can be no certainty that any funds will be raised by the
Company.
Enquiries :
Jersey Oil and Gas Andrew Benitz, C/o Camarco:
plc CEO 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
Camarco Billy Clegg Tel: 020 3757 4983
James Crothers
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 and Glenn oil discoveries and an 100%
working interest in the P2170 Licence Blocks 20/5b & 21/1d
(subject to OGA approval of the acquisition of CIECO V&C UK
Limited as announced on 26 November 2020), that contain the Verbier
oil discovery and other exploration prospects.
JOG's total GBA acreage is estimated by management to contain
190 million barrels of oil equivalent ("mmboe") of discovered P50
recoverable resources net to JOG, in addition to significant
exploration upside potential of approximately 220 mmboe of
prospective resources in close proximity to the Company's planned
Buchan platform. JOG has recently concluded the Concept Select
phase of an FDP for the Greater Buchan Area and plans to progress
into Front End Engineering and Design (FEED) later this year.
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.
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 (Withdrawal)
Act 2018.
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END
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