Jersey Oil&gas Regulatory News (JOG)

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THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE A PROSPECTUS OR OFFERING MEMORANDUM OR AN OFFER FOR SALE OR SUBSCRIPTION IN RESPECT OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF JERSEY OIL AND GAS PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.

14 April 2021

Jersey Oil and Gas plc

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

Result of General Meeting

Result of Offer, Completion of Fundraising and Issue of Equity

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 the resolutions proposed at its General Meeting held earlier today, as set out in the formal Notice of General Meeting dated 29 March 2021, were all duly approved by Shareholders.

The Offer, announced as part of the Fundraising on 17 March 2021, closed for applications on 12 April 2021 and the Company is pleased to announce that valid applications were received from Qualifying Participants in respect of, in aggregate, 974,157 Offer Shares, representing approximately 80.36 per cent. of the Offer Maximum. Qualifying Participants that made valid applications will therefore be allocated all of the Offer Shares that they applied for.

Accordingly, pursuant to the Placing, Subscription and Offer announced on 17 March 2021 and further to the abovementioned passing of all of the requisite resolutions at the Company's General Meeting held earlier today, the Company is issuing 9,054,548 new Ordinary Shares pursuant to the Placing, 36,361 new Ordinary Shares pursuant to the Subscription and 974,157 new Ordinary Shares pursuant to the Offer at a price of 165 pence per share. The Company has therefore raised total gross proceeds from the Fundraising of approximately £16.61 million.

Application has been made for admission of the 9,054,548 Placing Shares, 36,361 Subscription Shares and 974,157 Offer Shares to trading on the AIM market of the London Stock Exchange, which is expected to become effective, and dealings commence at 8.00 a.m. on 15 April 2021 ("Admission"). Following Admission, the Company's enlarged share capital will comprise 31,894,293 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 31,894,293 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.

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

"Completion of this fundraise is a key milestone for Jersey Oil & Gas; positioning us strongly as we move ahead with our farm out process, whilst affording us the capability to continue to progress the Greater Buchan Area development project at the rapid pace we have achieved so far.

"I would like to thank shareholders for their support as part of this process and look forward to achieving further milestones as we progress this landmark project."

Enquiries:

Capitalised terms used in this announcement shall have the same meanings as the definitions set out in the Company's announcements of 17 March 2021 and in the Circular.

Important Information

Arden Partners plc, which is authorised and regulated by the FCA in the United Kingdom, is acting as bookrunner and Joint Broker to the Company in connection with the Placing. Arden Partners plc will not be responsible to any person other than the Company for providing the protections afforded to clients of Arden Partners plc or for providing advice to any other person in connection with the Placing or any acquisition of shares in the Company. Arden Partners plc is not making any representation or warranty, express or implied, as to the contents of this announcement. Arden Partners plc has not authorised the contents of, or any part of, this announcement, and no liability whatsoever is accepted by Arden Partners plc for the accuracy of any information or opinions contained in this announcement or for the omission of any material information. 

finnCap Ltd, which is authorised and regulated by the FCA in the United Kingdom, is acting as Joint Broker to the Company in connection with the Placing. finnCap Ltd will not be responsible to any person other than the Company for providing the protections afforded to clients of finnCap Ltd or for providing advice to any other person in connection with the Placing or any acquisition of shares in the Company. finnCap Ltd is not making any representation or warranty, express or implied, as to the contents of this announcement. finnCap Ltd has not authorised the contents of, or any part of, this announcement, and no liability whatsoever is accepted by finnCap Ltd for the accuracy of any information or opinions contained in this announcement or for the omission of any material information.

Strand Hanson Limited, which is authorised and regulated by the FCA in the United Kingdom, is acting as nominated adviser to the Company for the purposes of the AIM Rules in connection with the Fundraising and, as nominated adviser, its responsibilities are owed solely to the London Stock Exchange and are not owed to the Company or its Directors or to any other person or entity. Strand Hanson Limited will not be responsible to any person other than the Company for providing the protections afforded to clients of Strand Hanson Limited or for providing advice to any other person in connection with the Fundraising or any acquisition of shares in the Company. Strand Hanson Limited is not making any representation or warranty, express or implied, as to the contents of this announcement. Strand Hanson Limited has not authorised the contents of, or any part of, this announcement, and no liability whatsoever is accepted by Strand Hanson Limited for the accuracy of any information or opinions contained in this announcement or for the omission of any material information.

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.

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 (Withdrawal) Act 2018.