Jersey Oil and Gas PLC - North Sea-focused upstream oil & gas company - Reaches settlement to pay USD850,000 to TGS-Nopec Geophysical Company ASA pursuant to an agreement entered into in 2018.
Under the agreement, TGS claimed uplift payments from Jersey Oil totalling USD1.1 million in respect of licence awards to Jersey Petroleum Ltd in the Oil & Gas Authority's 31st Supplementary Offshore Licencing Round and the acquisition by JPL of Equinor UK Ltd's 70% interest in Licence P2170. Jersey Oil and Gas disputed the validity of both claims.
However on Monday, Jersey Oil & Gas says in line with legal advice it has agreed on a final settlement payment to TGS of USD850,000.
Highlights that following the payment, its cash position at December 31 was around USD5 million, up GBP3 million from its initial 2020 budgeted year-end cash balance
Current stock price: 122.12 pence
Year-to-date change: down 1.9%
By Ife Taiwo; ifetaiwo@alliancenews.com
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Jersey Oil&gas (JOG)