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(Alliance News) - Jersey Oil & Gas PLC is in a strong position, it said on Thursday, after what it said was a "transformational" first half of 2019.
During the first six months to June 30, work included drilling at a Verbier field appraisal well in the North Sea. Though the result was disappointing, it provided "valuable" data.
Since the period's end, Jersey was awarded four blocks in the North Sea as part of licensing rounds, taking its stake in the Buchan field to 100%.
The pretax loss for the half was GBP412,511, halved year-on-year. Jersey posted no revenue in either period, as it has no producing assets.
"The first half of 2019 has been transformational for Jersey, we have begun work on a full re-evaluation of the P2170 licence area and after significant effort and investment Jersey was awarded 100% working interest and operatorship of four blocks in the Greater Buchan Area," said Chief Executive Andrew Benitz.
"This has significantly enhanced the company's resource base of discovered oil volumes."
"The Greater Buchan area is a very material and scalable project, which has the clear potential to deliver significant shareholder value beyond what we have already achieved," he continued.
"We are dealing with well-known, good quality, light oil fields and discoveries in a relatively benign and shallow part of the central North Sea, which are located within UK waters, near good surrounding infrastructure for export and represent a potentially valuable energy resource for both Jersey and the UK."
Shares were 3.0% higher on Thursday in London at a price of 229.12 pence each.
By George Collard; georgecollard@alliancenews.com
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