TIDMJOG
RNS Number : 2293A
Jersey Oil and Gas PLC
22 September 2022
22 September 2022
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Interim Results for the Six Month Period Ended 30 June 2022
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 unaudited Interim Results
for the six month period ended 30 June 2022.
Highlights
-- Favourable fiscal and macroeconomic developments have further
bolstered interest in our on-going "Greater Buchan Area" ("GBA")
farm-out process
-- GBA farm-out process advancing as planned, with continued
active engagement with multiple counterparties
-- Substantial progress has been made, with the majority of
interested parties forecast to complete their technical due
diligence in October 2022
-- Constructive commercial discussions are taking place with
potential counterparties
-- Cash position of approximately GBP8.7 million, with no debt,
as at 30 June 2022 - well ahead of the group's forecast
Andrew Benitz, CEO of Jersey Oil & Gas, commented :
"Great progress is being made with our GBA farm-out process -
the key activity for the Group in 2022. Interest is strong,
technical studies across the various development solutions are well
advanced and commercial discussions are ongoing with serious,
well-funded counterparties. Since launching the process, the
Company's engagement strategy has been broadened to advance a range
of competing development solutions, thereby providing increased
optionality."
Enquiries :
Jersey Oil and Gas plc
Andrew Benitz, CEO - c/o Camarco Tel: 020 3757 4983
Strand Hanson Limited
James Harris / Matthew Chandler / James Bellman Tel: 020 7409
3494
Arden Partners plc
Rory McGirr
Tel: 020 7614 5900
finnCap Ltd
Christopher Raggett / Tim Redfern Tel: 020 7220 0500
Camarco
Billy Clegg / Rebecca Waterworth Tel: 020 3757 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 ("GBA"), which includes
operatorship and 100% working interests in the P2498 Licence Blocks
20/5b and 21/1d that contain the Buchan oil field and J2 oil
discovery and a 100% working interest in the P2170 Licence Blocks
20/5b & 21/1d, that contain the Verbier oil discovery and other
exploration prospects.
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.
Forward-Looking Statements
This announcement may contain certain forward-looking statements
that are subject to the usual risk factors and uncertainties
associated with an oil and gas business. Whilst the Company
believes the expectations reflected herein to be reasonable in
light of the information available to it at this time, the actual
outcome may be materially different owing to factors beyond the
Company's control or otherwise within the Company's control but
where, for example, the Company decides on a change of plan or
strategy.
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, as amended.
Chairman & Chief Executive Officer's Report
GBA Farm-out Process Update
Encouraging progress continues to be made on our GBA farm-out
process, and the Company remains actively engaged with multiple
counterparties. Joint technical studies for the various different
development solutions are now at an advanced stage.
As previously highlighted, since launching the farm-out process,
a broad range of competing development solutions has been generated
to supplement the initial work on the proposed installation of a
new processing platform. The alternative solutions include tiebacks
to existing platforms and the re-use of available floating
production, storage and offloading ("FPSO") vessels.
Since confirming the technical and economic attractiveness of
the potential GBA development solutions earlier this year, JOG's
most recent operational focus has been centred on completing
confirmatory pre-Front End Engineering and Design studies for the
various options with the different counterparties. The studies are
being undertaken in collaboration with the infrastructure owners
and cover areas that serve to validate and de-risk the different
solutions and associated capital expenditure forecasts. While the
precise studies are specific to each potential solution, they
broadly cover work on flow assurance, host facility "brownfield"
modification requirements and potential future electrification
workscopes. This technical work is expected to conclude in October
2022.
Whilst there can be no certainty of a successful conclusion,
constructive commercial discussions are also now well underway.
Regional Electrification Opportunities
The different GBA development solutions that are being assessed
all have the potential to be a component of the future Outer Moray
Firth offshore wind electrification plans that are currently being
considered as part of the Government's Innovation and Targeted Oil
and Gas ("INTOG") leasing round process. As such, we were pleased
to provide a leading offshore wind developer with a letter of
support as a potential power user to assist them in their
application for a lease in the upcoming INTOG offshore wind licence
round. This operator has experience in both development and
operations for floating offshore wind. In addition to the GBA being
a potential off-taker of locally sourced wind power, there are also
complimentary investment opportunities in offshore wind that
require further evaluation.
Licensing activity
JOG continues to work closely and constructively with the North
Sea Transition Authority ("NSTA") on our licence commitments. On
Licence P2498, which includes the Buchan field as well as the J2
and part of the Verbier discoveries, our milestone related to
delivery of a Field Development Plan ("FDP") has been adjusted to
align with the current scheduled licence expiry in August 2023 and,
pending conclusion of a successful farm-out, we are on track to
deliver on this. Upon approval of an FDP, the licence would then
move into the "third phase", which covers all future development
and production activities. On Licence P2170, there is a requirement
to submit an FDP for the Verbier discovery in order to advance the
licence into the third term. Verbier is part of our phased area
wide GBA development plan, with production scheduled to commence
following the start of production from the Buchan field. The P2170
Licence is due to expire on 22 November 2022, therefore we are in
close consultation with the NSTA to agree an appropriate way
forward.
JOG's Acquisition Strategy
JOG's priority is to secure a GBA farm-out and any M&A
activity has been focused around this objective. We have evaluated
potential asset swaps as part of our ongoing discussions, but
remain of the view that an industry farm-out provides the best
solution to advance the planned GBA development and thereby deliver
greater value for shareholders. Building a full cycle upstream
business focused on the UKCS remains the ultimate goal for JOG.
Financial Review
JOG's cash position was approximately GBP8.7 million as of 30
June 2022. The cash spend of the business will continue to be
comfortably below the GBP1.5 million per quarter run rate
previously forecast. 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 its cash deposits.
The loss for the period, before and after tax, was approximately
GBP1.2m (2021: GBP1.9m). The Company's main expenditure during the
first half of 2022 related to technical studies assessing parallel
development options for our GBA Development project. The Company
remains well funded to fulfil its farm-out objective.
Tax
The Energy Profits Levy ("EPL") that was introduced by the
Government in May 2022 caught the industry off guard, particularly
those that have invested and built production portfolios in the
UKCS over the past few years. Fiscal instability has made some
question their North Sea investment strategy. The silver lining,
however, was the introduction of a generous investment allowance
that is specifically ring fenced to attract capital spend into new
investments. A full taxpayer in the North Sea now has the ability
to secure 91% tax relief through investing into new projects,
essentially meaning that for a cost of only 9p a company can get
GBP1 of investment value. Projects of the scale of the proposed GBA
development should benefit from this investment allowance.
Summary and outlook
A significantly improved macroeconomic outlook for the oil and
gas sector compared to last year has ushered in significant profits
for the oil majors. The pandemic and terrible events in Ukraine
have masked the underlying issue that is challenging the upstream
sector - namely, a looming supply crunch. The industry has been
starved of capital since 2015 and this has led to chronic under
investment. Energy transition is an important issue and the oil and
gas industry is at the forefront of the challenges that this
evolution brings. It must be managed appropriately as hydrocarbons
continue to provide the world with approximately 80% of its daily
energy supply. Unfortunately, inflationary pressures resulting from
a restricted energy supply are already being seen and, in turn, the
even more concerning prospect of energy poverty. The world needs
urgent and responsible investment upstream to address the supply
shortfall against a backdrop of significantly increasing global
demand for energy. Consumers, industry and Governments deserve
access to affordable energy to go about their lives during the
energy transition.
It will take time for the supply side to increase, and in the
meantime continued high oil prices are highly likely. The GBA is a
vital resource and is estimated to be the third largest oil
development opportunity in the UKCS. We look forward to concluding
the farm-out process and thereby securing investment to take this
project into development and contributing to ensuring long term
energy supply and security for the UK economy.
We appreciate the ongoing commitment of our dedicated team and
the professionalism they have displayed throughout our industry and
stakeholder engagement. We also thank our shareholders for their
ongoing and unstinting support as we continue to advance our GBA
farm-out process.
Les Thomas Andrew Benitz
Non-Executive Chairman Chief Executive Officer
22 September 2022
JERSEY OIL AND GAS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2022
6 months 6 months Year to
to to
30/06/22 30/06/21 31/12/21
(unaudited) (unaudited) (audited)
Notes GBP GBP GBP
CONTINUING OPERATIONS
Revenue - - -
Cost of sales - 66,403 (101,079)
GROSS PROFIT/(LOSS) - 66,403 (101,079)
Exploration write-off/licence
relinquishment - - (447,812)
Administrative expenses (1,200,589) (1,986,483) (3,672,135)
OPERATING LOSS (1,200,589) (1,920,080) (4,221,026)
Finance income 17,050 1,127 1,807
Finance expense (2,839) (2,788) (6,098)
LOSS BEFORE TAX (1,186,377) (1,921,741) (4,225,317)
Tax 4 - - -
LOSS FOR THE PERIOD (1,186,377) (1,921,741) (4,225,317)
OTHER COMPREHENSIVE INCOME - - -
TOTAL COMPREHENSIVE LOSS
FOR THE PERIOD (1,186,377) (1,921,741) (4,225,317)
============ ============ =================
Total comprehensive loss attributable
to:
Owners of the parent (1,186,377) (1,921,741) (4,225,317)
============ ============ =================
Loss per share expressed
in pence per share:
Basic 5 (3.64) (7.15) (14.48)
Diluted 5 (3.64) (7.15) (14.48)
============ ============ =================
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 2022
30/06/22 30/06/21 31/12/21
(unaudited) (unaudited) (audited)
Notes GBP GBP GBP
NON-CURRENT ASSETS
Intangible assets - Exploration
costs 6 22,752,129 17,359,856 21,514,153
Property, plant and equipment 7 24,633 57,187 40,077
Right-of-use assets 133,168 125,415 185,008
Deposits 31,112 28,420 31,112
------------- ------------- -------------
22,941,042 17,570,878 21,770,350
------------- ------------- -------------
CURRENT ASSETS
Trade and other receivables 8 346,631 593,643 353,114
Cash and cash equivalents 9 8,666,792 17,056,538 13,038,388
------------- ------------- -------------
9,013,423 17,650,181 13,391,502
------------- ------------- -------------
TOTAL ASSETS 31,954,465 35,221,059 35,161,852
============= ============= =============
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 10 2,573,395 2,566,795 2,573,395
Share premium account 110,309,524 110,358,234 110,309,524
Share options reserve 1,708,075 2,308,462 1,397,287
Accumulated losses (82,738,107) (80,431,559) (81,551,730)
Reorganisation reserve (382,543) (382,543) (382,543)
------------- ------------- -------------
TOTAL EQUITY 31,470,344 34,419,389 32,345,933
------------- ------------- -------------
NON-CURRENT LIABILITIES
Lease liabilities 18,830 74,200 83,012
------------- ------------- -------------
18,830 74,200 83,012
------------- ------------- -------------
CURRENT LIABILITIES
Trade and other payables 11 334,198 643,419 2,603,707
Lease liabilities 131,093 84,051 129,200
------------- ------------- -------------
465,291 727,470 2,732,907
------------- ------------- -------------
TOTAL LIABILITIES 484,121 801,670 2,815,919
------------- ------------- -------------
TOTAL EQUITY AND LIABILITIES 31,954,465 35,221,059 35,161,852
============= ============= =============
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 2022
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
2021 2,466,144 93,851,526 2,109,969 (78,509,819) (382,543) 19,535,277
Loss for the
period
and total
comprehensive
income - - - (1,921,741) - (1,921,741)
Issue of share
capital 100,651 16,506,709 - - - 16,607,360
Share based
payments - - - 198,493 - - 198,493
------------- ------------- ------------- -------------- -------------- -------------
At 30 June 2021 2,566,795 110,358,235 2,308,462 (80,431,560) (382,543) 34,419,389
============= ============= ============= ============== ============== =============
At 1 January
2022 2,573,395 110,309,524 1,397,287 (81,551,730) (382,543) 32,345,933
Loss for the
period
and total
comprehensive
income - - - (1,186,377) - (1,186,377)
Share based
payments - - - 310,788 - - 310,788
------------- ------------- ------------- -------------- -------------- -------------
At 30 June 2022 2,573,395 110,309,524 1,708,075 (82,738,107) (382,543) 31,470,344
============= ============= ============= ============== ============== =============
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 2022
6 months 6 months Year
to to to
30/06/22 30/06/21 31/12/21
(unaudited) (unaudited) (audited)
Notes GBP GBP GBP
CASH FLOWS FROM OPERATING ACTIVITIES
Cash used in operations 12 (3,085,544) (2,196,448) (1,495,899)
Net interest received 17,050 1,127 1,807
Net interest paid (2,839) (2,788) (6,098)
--------------- ------------
Net cash used in operating activities (3,071,333) (2,198,109) (1,500,190)
--------------- ----------------- ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of intangible assets 6 (1,237,976) (2,368,561) (6,970,670)
Net cash used in investing activities (1,237,976) (2,368,561) (6,970,670)
--------------- ----------------- ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of issue of shares - 16,607,360 16,565,248
Principal elements of lease payments (62,289) (65,667) (137,516)
Net cash generated from financing
activities (62,289) 16,541,693 16,427,732
INCREASE/(DECREASE) IN CASH AND
CASH EQUIVALENTS (4,371,596) 11,975,023 7,956,873
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 13,038,388 5,081,515 5,081,515
--------------- ----------------- ------------
CASH AND CASH EQUIVALENTS AT
OF PERIOD 9 8,666,792 17,056,538 13,038,388
=============== ================= ============
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 2022
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 UK.
The Company is a public limited company incorporated and
domiciled in the United Kingdom and quoted on AIM, a market
operated by London Stock Exchange plc. The address of its
registered office is 10 The Triangle, ng2 Business Park,
Nottingham, NG2 1AE.
The Group's half year condensed financial statements for the six
months ended 30 June 2022 were authorised for issue in accordance
with a resolution of the Board of Directors on 22 September
2022.
2. BASIS OF PREPARATION AND ACCOUNTING POLICIES
Basis of Preparation
The interim condensed consolidated financial statements for the
six months ended 30 June 2022 have been prepared in accordance with
International Accounting Standard 34 "Interim Financial
Reporting".
These unaudited interim consolidated financial statements of the
Group have been prepared following the same accounting policies and
methods of computation as the consolidated financial statements for
the year ended 31 December 2021. These unaudited interim
consolidated financial statements do not include all the
information and footnotes required by generally accepted accounting
principles for annual financial statements and therefore should be
read in conjunction with the consolidated financial statements and
the notes thereto in the Company's annual report for the year ended
31 December 2021.
The financial information contained in this announcement does
not constitute statutory financial statements within the meaning of
section 435 of the Companies Act 2006.
Consolidated statutory accounts for the year ended 31 December
2021, on which the auditors gave an unqualified audit report, have
been filed with the registrar of Companies. The report of the
auditors included in that 2021 Annual Report was unqualified and
did not contain a statement under either Section 498(2) or Section
498(3) of the Companies Act 2006.
Going Concern
The Group has no material firm work commitments on any of the
Group's licences, other than ongoing Operator overheads and licence
fees. Other work that the Group is undertaking in respect of the
GBA licences and surrounding areas is modest relative to its
current cash reserves. The Group expects to be able to manage its
estimated cash outflows such that its current cash reserves are
expected to more than exceed its estimated cash outflows in all
reasonable scenarios for at least 12 months following the date of
issue of these interim financial statements. Based on these
circumstances, the Directors have considered it appropriate to
continue to adopt the going concern basis of accounting in
preparing these interim financial statements.
Accounting policies
The accounting policies adopted in the preparation of the
interim condensed consolidated financial statements are consistent
with those followed in the preparation of the Group's annual
financial statements for the year ended 31 December 2021. No new
standards, amendments or interpretations have had a material impact
on the Group's interim consolidated financial statements for the
period ended 30 June 2022.
The impact of seasonality or cyclicality on operations is not
considered significant on the interim consolidated financial
statements.
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 2022
4. TAX
Jersey Oil and Gas plc is a trading company but no liability to
UK corporation tax arose on its ordinary activities for the period
ended 30 June 2022 due to trading losses. As at 31 December 2021,
the Group held tax losses of approximately GBP57 million (2020:
GBP46 million).
On 26 May 2022, the UK Government announced the introduction of
an Energy Profits Levy ('EPL') on the UK ring fence profits of oil
and gas producers with effect from 26 May 2022. The legislation
introducing the EPL was substantively enacted on 11 July 2022. The
EPL is charged at the rate of 25% on taxable profits in addition to
ring fence corporation tax of 30% and Supplementary Charge of 10%,
making a total rate on ring fence profits of 65%.
Qualifying capital expenditure may be offset against the 25% EPL
at an uplifted rate of 1.8 times. When combined with the existing
Investment Allowance uplift of 6.25% this results in an overall
91.25% tax relief on new qualifying capital expenditure.
5. 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
2022
Basic and Diluted
EPS
Loss attributable to
ordinary shareholders (1,186,377) 32,554,293 (3.64)
============== =========== ==========
JERSEY OIL AND GAS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2022
6. INTANGIBLE ASSETS
Exploration
Costs
GBP
COST
At 1 January 2022 21,689,394
Additions 1,237,976
At 30 June 2022 22,927,370
============
ACCUMULATED AMORTISATION
At 1 January 2022 175,241
At 30 June 2022 175,241
============
NET BOOK VALUE at 30
June 2022 22,752,129
============
This represents the work capitalised on the GBA assets.
7. PROPERTY, PLANT AND EQUIPMENT
Computer
and office
equipment
GBP
COST
At 1 January 2022 228,447
Additions -
At 30 June 2022 228,447
============
ACCUMULATED AMORTISATION, DEPLETION AND
DEPRECIATION
At 1 January 2022 188,370
Charge for period 15,444
At 30 June 2022 203,814
==========
NET BOOK VALUE at 30 June
2022 24,633
==========
This represents the capitalised cost of computer equipment and
fixtures.
JERSEY OIL AND GAS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2022
8. TRADE AND OTHER RECEIVABLES
30/06/22 30/06/21 31/12/21
(unaudited) (unaudited) (audited)
GBP GBP GBP
Other receivables 30 30 30
Prepayments and accrued income 268,323 270,019 119,249
Deposits - 54,222 -
Value added tax 78,278 269,372 233,835
346,631 593,643 353,114
============ ============ ==========
As at 30 June 2022, there were no trade receivables past due nor
impaired. There are immaterial expected credit losses recognised on
these balances.
9. 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 30/06/22 30/06/21 31/12/21
June 2022
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash and cash equivalents 8,666,792 17,056,538 13,038,388
------------ ------------
8,666,792 17,056,538 13,038,388
============ ============ ===========
10. CALLED UP SHARE CAPITAL
30/06/22 30/06/21 31/12/21
(unaudited) (unaudited) (audited)
GBP GBP GBP
Issued and fully paid:
Number: 32,554,293 (2021:
31,894,293)
Ordinary class 2,573,395 2,566,795 2,573,395
2,573,395 2,566,795 2,573,395
============ ============ ==========
11. TRADE AND OTHER PAYABLES
30/06/22 30/06/21 31/12/21
(unaudited) (unaudited) (audited)
GBP GBP GBP
Trade payables 111,041 267,385 1,211,220
Accrued expenses 135,770 303,979 1,021,105
Other payables - 4 -
Taxation and Social Security 87,387 72,051 371,381
334,198 643,419 2,603,706
============ ============ ==========
JERSEY OIL AND GAS PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2022
12. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
RECONCILIATION OF LOSS BEFORE TAX TO CASH USED IN OPERATIONS
30/06/22 30/06/21 31/12/21
(unaudited) (unaudited) (audited)
GBP GBP GBP
Loss for the period before
tax (1,186,377) (1,921,741) (4,225,317)
Adjusted for:
Depreciation 15,444 17,362 34,472
Impairments - - 447,812
Depreciation right-of-use
asset 51,840 71,959 138,176
Share based payments (net) 310,788 198,493 470,724
Finance costs 2,839 2,788 6,098
Finance income (17,050) (1,127) (1,807)
------------ ------------ ------------
(822,516) (1,632,266) (3,129,842)
Decrease in inventories
(Increase)/decrease in trade
and other receivables 6,482 (137,980) 99,856
Increase/(decrease) in trade
and other payables (2,269,509) (426,202) 1,534,087
------------ ------------ ------------
Cash used in operations (3,085,544) (2,196,448) (1,495,899)
============ ============ ============
13. POST BALANCE SHEET EVENTS
None.
14. AVAILABILITY OF THE INTERIM REPORT 2022
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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