Last checked at 11 Feb 2021 07:00
11 February 2021
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Execution of 32nd Offshore Licensing Round Award - Block 20/5e
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 that, further to its announcement of 3 September 2020, the Oil and Gas Authority ("OGA") has confirmed that the Merged Licence P2498 awarded to JOG in the 32nd Offshore Licensing Round was executed on the 10th February 2021.
Part block 20/5e is located within JOG's Greater Buchan Area ("GBA") development acreage and contains an extension of the J2 (well 20/05a-10Y) oil discovery.
This part block has been incorporated within Licence P2498 (Blocks 20/5a & 21/1a) awarded to JOG in the OGA's 31st Offshore Supplementary Licensing Round that contains the Buchan oil field and the J2 oil discovery and form the basis of JOG's GBA Core development.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"I am pleased that the award of part block 20/5e has now been formalised. This represents a further step in delivering on our strategy of acquiring a controlling interest in the acreage that forms the Greater Buchan Area."
Enquiries:
Jersey Oil and Gas plc
| Andrew Benitz, CEO | C/o Camarco: Tel: 020 3757 4983 |
Strand Hanson Limited | James Harris Matthew Chandler James Bellman | Tel: 020 7409 3494 |
Arden Partners plc | Paul Shackleton Benjamin Cryer | Tel: 020 7614 5900 |
BMO Capital Markets Limited | Jeremy Low Tom Rider | Tel: 020 7236 1010 |
Camarco | Billy Clegg James Crothers | Tel: 020 3757 4983 |
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 (subject to OGA approval of the acquisition of CIECO V&C UK Limited as announced on 26 November 2020), that contain the Verbier oil discovery and other exploration prospects.
JOG's total GBA acreage is estimated by management to contain more than 180 million barrels of oil equivalent ("mmboe") of discovered P50 recoverable resources net to JOG, in addition to significant exploration upside potential of more than 220 mmboe of prospective resources in close proximity to our planned Buchan platform. JOG is currently progressing the Concept Select phase of an FDP for the Greater Buchan Area.
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.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.