Malcy’s blogs Today6 May 2020 18:05
“Jersey Oil & Gas
Finals from JOG today who show that they have been busy during the last few months, at the GBA they are now in charge of a significant new area with this hub development project in the Central North Sea.
This is partly down to ‘transformational’ awards in the GBA as part of the OGA’s 31st Supplementary Offshore Licensing Round, JOG now have 100% equity in Buchan, J2 and Glenn discoveries in addition to the Verbier discovery. This leaves a ‘commanding’ position across the GBA with 5 discovered fields, 8 exploration prospects within 4 operated licences. JOG’s net discovered and recoverable resource estimates now stand at 142m bbls, a 30 fold increase compared to the beginning of 2019. Accordingly, project lifetime cash flows for the GBA are forecast to be in excess of $3bn, with an estimated project value of approximately US$1.2bn.
JOG has £12.3m of cash and no debt, as such they are fully funded through concept selection and at least until the end of 2021. Accordingly to the above the company has begun work on a new and unique major new North Sea development plan with potential for low carbon emissions at GBA which also has significant exploration upside with 232 mmboe prospective resource estimates net to them.”