Jersey Oil&gas Regulatory News (JOG)

25 October 2021

Jersey Oil and Gas plc

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

Exercise of Options and Director/PDMR Dealings

Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company ‎focused on the UK Continental Shelf ("UKCS") region of the North Sea, announces that it has received notice of the exercise of, in aggregate, 660,000 options over ordinary shares of 1p each in the Company ("Ordinary Shares") by certain directors and PDMRs and a number of current and former employees at an exercise price of £1.10 per Ordinary Share ("Options") (the "Option Exercises").

All of the Options exercised, which were granted in 2016 and are due to expire shortly, have been exercised on a cashless basis as permitted by the terms of the Company's share option plan, such that, in aggregate, 558,764 of the new Ordinary Shares being issued pursuant to the Option Exercises have been sold via the Company's broker at a price of £1.40 to fund the exercise of the Options, the tax and the transaction costs (the "Cashless Exercises"). The Directors sold only such number of Ordinary Shares pursuant to the Cashless Exercises as was necessary to fund such costs.

In addition, certain of the non-Board and former employee Option holders have elected, pursuant to the terms of the Company's share option plan, for the Company to sell on their behalf the balance of the new Ordinary Shares due to be issued to them pursuant to the Cashless Exercises, such that the relevant Option holders will receive, in cash, the net proceeds of such sales (after taking into account costs and tax due by the Option holders concerned) (the "All-cash Exercises").

Rather than exercise the Options through multiple trades, all of the Option holders agreed to effect the sale of shares associated with the Cashless and All-cash Exercises at a single price of £1.40, which was executed by the Company's Brokers through a single block trade.

Accordingly, the Company will issue, in aggregate, 660,000 new Ordinary Shares to satisfy the Option Exercises (the "New Ordinary Shares") and the Company expects to receive net proceeds of £720,497.90 pursuant to the Option Exercises.

Details of the exercises by the relevant director/PDMR Option holders are set out below:

Admission to trading on AIM

Application will be made to the London Stock Exchange for admission of the New Ordinary Shares to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 28 October 2021.

Total voting rights

Following Admission, the Company's enlarged share capital will comprise 32,554,293 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights will be 32,554,293 Ordinary Shares and Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

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 oil discovery 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, post 29 August 2021, is estimated by management to contain 172 million barrels of oil equivalent ("MMboe") of discovered P50 recoverable resources net to JOG, in addition to significant exploration upside potential of approximately 168MMboe 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) following greater clarity being obtained on regional electrification options and funding.

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 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

PDMR Notification Forms