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LONDON (Alliance News) - North Sea oil and gas company Jersey Oil & Gas PLC on Monday said it has made further costs savings and salary cuts across the business to allow it continue operating with its current cash reserves into 2017.
The company said is still considers the drop in the oil price as an opportunity to acquire interests in other fields in the UK Continental Shelf area of the North Sea. It said it has seen an increase in the number of potential opportunities available to it and intends to enter the market and make more deals at an opportune time in the cycle.
The farm-out process is underway for Jersey's P2170 licence area, with interest expressed by several parties, but the group has relinquished the P1610, P1666 and P1889 licences due to "onerous" licence fees it was having to pay.
"We are pleased to report to our shareholders that through careful treasury management and operating cost reductions, the company should now be able to operate with its existing cash reserves into 2017," said Chief Executive Andrew Benitz.
Shares in Jersey Oil & Gas were untraded on Monday, having last traded at 7.80 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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