TIDMJOG
RNS Number : 0479T
Jersey Oil and Gas PLC
22 November 2021
22 November 2021
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Directorate Changes and GBA Update
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 certain changes to the
composition of the Company's board of directors (the "Board"), a
senior management appointment and an update on its Greater Buchan
Area ("GBA") farm-out process.
Highlights
-- Les Thomas, formerly Non-Executive Director, has assumed the role of Non-Executive Chairman
-- Graham Forbes, formerly Chief Financial Officer ("CFO") at
Ithaca Energy Inc ("Ithaca Energy") from 2010 to 2020, appointed as
CFO
-- Richard Smith, previously Corporate Development Director at
Ithaca Energy from 2010 to 2020, has joined the senior management
team as Chief Commercial Officer
-- JOG remains actively engaged with multiple counterparties,
including major infrastructure funders with respect to
electrification, with regards to its GBA farm-out process - macro
environment has markedly improved since initial industry
engagement
Board Changes
With immediate effect, Non-Executive Director, Les Thomas has
assumed the role of Non-Executive Chairman, replacing Marcus
Stanton, who, having served as Non-Executive Chairman for the last
six years, will remain on the Board as a Non-Executive Director and
chair of the audit committee. Les has over 35 years' experience in
the oil and gas industry at Marathon Oil UK Limited and John Wood
Group plc and, more recently, was Chief Executive Officer ("CEO")
of Ithaca Energy from 2013 to 2020.
Graham Forbes has joined the Board as CFO with immediate effect.
Graham is a Chartered Accountant with over 20 years' experience in
the oil and gas industry and was CFO of Ithaca Energy from 2010 to
2020. He qualified as a Chartered Accountant at
PriceWaterhouseCoopers before moving to ExxonMobil, where for over
five years he worked on a variety of operational and
acquisition-based projects. In 2002, Graham joined First Oil Group
where, as Finance Director and then Executive Director, he helped
develop the business into the UK's then largest privately owned
E&P company. For the last 10 years he was CFO at Ithaca Energy,
transforming the business through both organic developments and
multiple acquisitions. He has extensive quoted company and
corporate finance experience, having completed various debt and
equity market offerings and the US$1.2 billion sale and subsequent
delisting of Ithaca Energy.
In addition, Richard Smith has joined the Company's executive
team as Chief Commercial Officer. Richard has over 20 years'
experience in the oil and gas industry and wider energy sector, in
various senior business development, commercial, corporate finance
and strategy positions. He was previously Corporate Development
Director at Ithaca Energy, where he spent 10 years working
alongside Les and Graham to deliver its successful growth from
being a small-cap E&P business into one of the largest
independent UK North Sea oil and gas producers. Prior to joining
Ithaca Energy, Richard spent eight years with TotalEnergies working
in its UK North Sea business and at its head office in France. He
commenced his career in the energy industry as a consultant at EA
Technology, working on various financial and regulatory assignments
associated with the liberalisation of the European electricity and
gas industries.
Ron Lansdell and Vicary Gibbs have stepped down from the Board,
having made valuable contributions to the Company's growth during
their time serving as COO and CFO respectively. The Company is
particularly appreciative of Ron and Vicary's collective efforts in
bringing our core asset, the GBA development project, to its
current level of maturity.
JOG has now reached a pivotal stage in the growth of its
business and today's appointments mark the next important phase in
the Company's development and delivery of its key strategic
ambitions. Through successful portfolio management, delivery of
development projects, accretive corporate and asset acquisitions,
operational excellence and astute financial structuring, Les,
Graham and Richard were collectively instrumental in leading Ithaca
Energy from being a small-cap E&P business into one of the
largest independent oil and gas producers in the UK North Sea and
thereby delivered significant shareholder value. JOG's strategy of
building a full cycle upstream oil and gas business in the UK North
Sea represents a parallel business model to what this team achieved
so successfully at Ithaca Energy.
GBA Update
JOG is also pleased to provide an update regarding its ongoing
GBA farm-out process as follows:
-- We remain actively engaged with multiple counterparties, with
discussions focusing not only on our Preferred Development Concept
but also around alternative concepts using existing third-party
infrastructure
-- JOG has received expressions of interest from major
infrastructure operators with respect to funding the proposed
electrification of the GBA development and the potential regional
collaboration opportunities that exist
-- JOG is advancing regional electrification collaboration
efforts with various industry parties in the Outer Moray Firth.
There is the exciting potential for an integrated solution on power
supply stemming from planned future offshore wind projects. This
follows the recent announcement from Crown Estate Scotland
detailing its plans to launch a leasing process that will enable
the provision of low carbon electricity to power oil and gas
installations to decarbonise the sector
-- Potential collaboration with the owners of other oil
discoveries in the vicinity of the GBA has also been accelerated to
see if a wider joint development programme can be achieved
Marcus Stanton, former Non-Executive Chairman of Jersey Oil
& Gas, commented :
"I am delighted to welcome Les as the new Chair of JOG and he
has already brought a wealth of valuable expertise to the Board. I
am also very pleased to welcome Graham and Richard to the executive
team of the Company. Together, they have the hands-on experience
and track record of leading large project developments and creating
significant shareholder value, and possess the necessary expertise
to successfully complete our GBA farm-out process and accelerate
JOG's growth plans.
"I would also like to take this opportunity to thank Ron and
Vicary for their valuable contributions to the Company's
development, as we successfully transitioned from start-up to
ownership of one of the most promising new developments in the UK
North Sea. Together with the Board and the rest of the JOG team, I
wish them all the best with their future endeavours."
Andrew Benitz, CEO of Jersey Oil & Gas, commented :
"Les, Graham and Richard were instrumental in leading Ithaca
Energy from being a small-cap E&P business into one of the
largest independent UK North Sea oil and gas producers. I am
delighted that we have been able to attract a team with such a
successful track record and I very much look forward to working
with them.
"Our GBA farm-out process continues and we are actively engaged
with multiple counterparties. The macro environment has markedly
improved since we began initial industry engagement and the scale
and quality of the GBA asset base makes it an exciting growth
opportunity."
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
finnCap Ltd Christopher Raggett Tel: 020 7220 0500
Tim Redfern
Camarco Billy Clegg Tel: 020 3757 4983
James Crothers
Additional information on the Directorate Appointment
The following additional information is provided in accordance
with AIM Rule 17 and paragraph (g) of Schedule Two of the AIM Rules
for Companies:
Graham Andrew Forbes (aged 51)
Current directorships/partnerships Past directorships/partnerships
Delek North Sea Limited
--------------------------------
DKL Energy Limited
--------------------------------
The Woodland Carbon Capture FPF1 Limited
Company Ltd
--------------------------------
Ithaca Alpha (N.I.) Limited
--------------------------------
Ithaca Causeway Limited
--------------------------------
Ithaca Delta Limited
--------------------------------
Ithaca Dorset Limited
--------------------------------
Ithaca Energy (North Sea) plc
--------------------------------
Ithaca Energy (UK) Limited
--------------------------------
Ithaca Energy Developments
UK Limited
--------------------------------
Ithaca Energy Holdings (UK)
Limited
--------------------------------
Ithaca Energy Holdings Limited
--------------------------------
Ithaca Epsilon Limited
--------------------------------
Ithaca Exploration Limited
--------------------------------
Ithaca Gamma Limited
--------------------------------
Ithaca GSA Holdings Limited
--------------------------------
Ithaca GSA Limited*
--------------------------------
Ithaca Minerals (North Sea)
Limited
--------------------------------
Ithaca North Sea Limited
--------------------------------
Ithaca Oil and Gas Limited
--------------------------------
Ithaca Petroleum Limited
--------------------------------
Ithaca Pipeline Limited
--------------------------------
Ithaca SP UK Limited
--------------------------------
Ithaca SPL Limited
--------------------------------
* - UK Companies House records indicate that Mr Forbes remains a
board member of Ithaca GSA Limited, however he resigned such
directorships in January 2021 and, accordingly, steps are currently
being taken to make/update the relevant filings.
Graham Forbes was formerly a director of Richards of Aberdeen
Ltd which entered into insolvency proceedings on 18 November 2004
and was eventually dissolved following liquidation on 10 March
2010. Graham served as a director of this company from 1 March 2004
to 10 March 2010.
There is no further information to be disclosed in relation to
Graham's appointment pursuant to AIM Rule 17 or Schedule Two
paragraph (g) of the AIM Rules for Companies.
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 oil discovery and an 100% working interest
in the P2170 Licence Blocks 20/5b & 21/1d, that contain the
Verbier oil discovery and other exploration prospects.
JOG's total GBA acreage is estimated by management to contain
172 million barrels of oil equivalent ("MMboe") of discovered P50
recoverable resources net to JOG, in addition to significant
exploration upside potential of approximately 168MMboe 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) following greater
clarity being obtained on regional electrification options and
funding.
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 Union
(Withdrawal) Act 2018.
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END
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