Jersey Oil and Gas PLC Update re GBA Development Project (1100K)
31 Agosto 2021 - 01:00AM
UK Regulatory
TIDMJOG
RNS Number : 1100K
Jersey Oil and Gas PLC
31 August 2021
31 August 2021
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Update re GBA Development Project
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 on, inter alia, the
electrification potential for its Greater Buchan Area ("GBA")
Development Project (the "GBA Development").
Highlights
-- Significant stakeholder interest in working collaboratively
to enable the GBA Development to become an integral part of an
area-wide electrification project
o Regional electrification offers many potential benefits to
both GBA Development stakeholders and owners of neighbouring
facilities, through possible reductions in both capex and opex
-- The GBA Development's pre-FEED (Front-End Engineering and
Design) offshore work programme, which includes environmental,
geotechnical and geophysical surveys of the cable route for power
from shore and pipeline route data requirements has been progressed
with the data acquisition stage now completed
-- FEED entry, together with previously advised Final Investment
Decision ("FID") and first oil milestone dates, will be re-phased
once near-term studies on regional electrification have progressed
to provide sufficient definition of the options available
-- The Company's GBA Development farmout process remains ongoing
The Company's management maintains its view of the importance of
acting in a responsible manner in pursuit of the industry's
sustainability goals and it is therefore deemed essential for JOG
to work collaboratively with all stakeholders in order to deliver
an optimum and sustainable development solution to support the UK's
economy, as the UK progresses through its targeted energy
transition. As such, JOG has furthered engagement in multi-party
conversations on the topic of electrification with the UK's Oil and
Gas Authority, oil and gas industry parties and potential
third-party funding providers (infrastructure funding
businesses).
We are excited by the potential for the GBA Development to be
the first new development in the UKCS to be fully powered by
electricity and firmly believe it can play a regional
electrification role in collaboration with other asset owners and
producers. Such collaboration could materially reduce capex and
opex through shared investment, thereby further enhancing the
economics of our planned GBA Development.
Accordingly, JOG has elected to re-phase FEED entry, FID and
first-oil milestone dates in due course in order to allow
sufficient time for the incorporation of regional electrification
studies in collaboration with other offshore operators/owners into
our FEED workflows.
In parallel, JOG has continued to progress its pre-FEED work
programme which includes environmental, geotechnical and
geophysical surveys of the cable route for power from shore, jacket
and piling data and pipeline route data requirements. The data
acquisition stage of such surveys was completed on 14 August 2021
with analysis of the acquired data ongoing, which will form inputs
into our environmental impact assessments for the GBA
Development.
Andrew Benitz, CEO of Jersey Oil & Gas, commented :
"Our GBA Development represents a major opportunity in the UK
Central North Sea to extract locally sourced hydrocarbons
profitably and at low-cost, with basin-leading low carbon
emissions. The UK will continue to require responsibly produced
hydrocarbons to support its planned energy transition for some time
to come. We are determined to play as responsible a role in this as
possible recognising that industry underinvestment risks driving
prices higher, thereby making energy less affordable for
consumers."
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 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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