TIDMJOG

RNS Number : 5948U

Jersey Oil and Gas PLC

07 April 2021

7 April 2021

Jersey Oil and Gas plc

("Jersey Oil & Gas", "JOG" or the "Company")

Completion of the acquisition of CIECO V&C (UK) Limited

and Appointment of Joint Broker

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 that it has now completed its acquisition of the entire issued share capital of CIECO V&C (UK) Limited ("CIECO V&C"), owned by ITOCHU Corporation ("ITOCHU") and Japan Oil, Gas and Metals National Corporation ("JOGMEC") (the "Acquisition"). As previously announced on 26 November 2020, the consideration for the acquisition consists of a completion payment of GBP150,000 and two contingent payments based on the UK's Oil & Gas Authority's consent for a Field Development Plan and the potential future development and production of oil volumes from the Verbier discovery in the Upper Jurassic (J62-J64) Burns Sandstone reservoir located on Licence P2170 (Blocks 20/5b and 21/1d) ("Licence P2170") .

The Acquisition provides JOG with an opportunity to create significant value through potentially developing the Verbier discovery as part of its planned Greater Buchan Area ("GBA") hub. Licence P2170 also benefits from multiple material exploration prospects that have high value potential through tie-backs to the proposed new GBA hub.

In addition, the Company is also pleased to announce that finnCap Ltd has been appointed as its Joint Broker with immediate effect.

Andrew Benitz, CEO of Jersey Oil & Gas, commented :

"I am pleased to announce the completion of our acquisition of CIECO V&C, which adds the final component part of the GBA to our existing portfolio. This is an important acquisition for our recently launched farm-out process in respect of our GBA development project and increases JOG's discovered resources, adds material value and exploration upside in addition to useful tax losses that accompany the corporate acquisition."

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 
                         Benjamin Cryer 
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 and Glenn oil discoveries 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 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQZZGGDZVDGMZZ

(END) Dow Jones Newswires

April 07, 2021 02:00 ET (06:00 GMT)

Jersey Oil And Gas (LSE:JOG)
Gráfica de Acción Histórica
De Dic 2021 a Ene 2022 Haga Click aquí para más Gráficas Jersey Oil And Gas.
Jersey Oil And Gas (LSE:JOG)
Gráfica de Acción Histórica
De Ene 2021 a Ene 2022 Haga Click aquí para más Gráficas Jersey Oil And Gas.