Jersey Oil & Gas plc Regulatory News (JOG)

30 April 2021

Jersey Oil and Gas plc

("Jersey Oil & Gas", "JOG" or the "Company")

Carbon Policy

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 announce the introduction of a Carbon Policy ("Carbon Policy").

JOG recognises that commitment to a sustainable and lower-carbon energy future is central to delivering its vision. The management of carbon emissions and the commitment to low-carbon targets and initiatives in the production of oil and gas are integral to JOG's operational objectives, risk management, corporate structure, company values and culture.

The Carbon Policy confirms JOG's commitment to risk-managed growth, which will involve reducing its carbon footprint to the lowest possible levels for the benefit of its shareholders and other stakeholders.

Through this Carbon Policy, as well as the strategies and programmes that stem from it, JOG will seek to position itself as an oil and gas company leading in the energy transition on the UKCS.

The Carbon Policy is available on the JOG website at www.jerseyoilandgas.com/sustainability 

JOG is targeting 'Net Zero' emissions from its GBA project at the start of first oil

JOG will seek to identify Scope 1, Scope 2 and material Scope 3 emissions (internationally recognised definitions developed by the GHG Protocol) and minimise, measure and report Scope 1 and 2 emissions associated with its operations on an absolute basis. Key to this will be the consideration and application of pioneering solutions to carbon emissions management, such as platform electrification, which will be considered alongside more conventional oil and gas development options. These will be assessed through a rigorous management system and operational process to ensure sustainable value is realised from JOG's assets. An external advisor has been commissioned to facilitate JOG's greenhouse gas accounting, reporting and verification.

JOG's Climate Targets

The Carbon Policy applies to all of JOG's current assets through the development phase and into production and will potentially be applied through the addition of other assets, if and when acquired. JOG has developed a number of comprehensive targets, summarised below:

• Scope 1, Scope 2 and material Scope 3 emissions will be identified through the scrutiny of JOG's operational activity both offshore and onshore. This includes JOG's supply and customer chains as it evolves into an active UKCS operator.

• Emissions will be recorded and reported in line with all applicable UK emissions related legislation and in line with the recommendations of the Taskforce for Climate-Related Financial Disclosures (TCFD) on an annual basis from 2021.

• All existing JOG operations to be carbon neutral from the point of first oil for Scope 1 and 2 emissions.

• Source the largest possible percentage of renewable power in the energy mix when electrifying from shore, where this demonstrably presents the best lifecycle emissions profile and asset value creation.

Andrew Benitz, CEO of Jersey Oil & Gas, commented:

"I am very pleased to announce the adoption by JOG of this important Carbon Policy as part of our ongoing risk management. Through its implementation, we will be contributing to the energy transition and to global net zero ambitions. We understand that responsibly sourced hydrocarbons will be fundamental to a successful global energy transition ensuring vital energy supply during the period. JOG is committed to differentiating itself as a sustainable and responsible 21st century energy company. This Carbon Policy is central to the delivery of that ambition."

Enquiries:

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 and Glenn oil discoveries 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 190 million barrels of oil equivalent ("mmboe") of discovered P50 recoverable resources net to JOG, in addition to significant exploration upside potential of approximately 220 mmboe 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) later this year.

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.