Jersey Oil and Gas PLC Licence Update (9443I)
18 Agosto 2021 - 1:00AM
UK Regulatory
TIDMJOG
RNS Number : 9443I
Jersey Oil and Gas PLC
18 August 2021
18 August 2021
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Licence 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 provide an update in respect of its
licences P2497 Block 20/4c (Zermatt) and P2499 Block 21/2a
(Glenn).
Further to undertaking a comprehensive technical and economic
evaluation of licences P2497 and P2499 and meetings recently held
with the Oil and Gas Authority ("OGA"), the OGA has confirmed that
it is satisfied that the Phase A Firm Commitments for both licences
have been fulfilled. JOG has decided not to progress to the next
licence phase, which would have required committing to a firm well
in each of these two licence areas. Accordingly, the licences will
automatically cease and determine at the end of Phase A of their
Initial Term on 29 August 2021.
As announced on 3 March 2021 in our Greater Buchan Area
Development Project Concept Select Update, the selected concept for
the GBA Development is planned to be executed in three phases and
neither Glenn nor Zermatt were included in any of these phases. In
the case of Glenn, this was due to the current sub-commercial
status of the Glenn and Glenn North oil discoveries and in the case
of the Zermatt licence, it was after taking into account the higher
ranked, drill-ready portfolio of exploration opportunities in
Licence P2170 (Verbier). With Glenn and Zermatt not featuring in
our GBA Development plans, this licence determination does not
impact our GBA farm out process, which is ongoing.
Andrew Benitz, CEO of Jersey Oil & Gas, commented :
"JOG's management has taken the pragmatic and cost-effective
decision not to proceed with firm well commitments for the non-core
Glenn and Zermatt licences in the context of efficient and targeted
capital allocation. JOG fully respects the OGA's Asset Stewardship
Expectations which govern the delivery of exploration and appraisal
work programmes, and we continue to work closely with the OGA as we
progress our plans for the Company's core GBA Development
project."
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
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, post 29 August 2021, 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) 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 Union
(Withdrawal) Act 2018.
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