Last checked at 24 May 2018 07:27
24 May 2018
Jersey Oil and Gas plc
("Jersey Oil & Gas" or the "Company")
Withdrawal of Special Resolution
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 ahead of its Annual General Meeting scheduled to be held at 12.00 noon today (24 May 2018), that the Company has elected to withdraw Special Resolution 5 which sought authorisation for the Directors to be able to allot equity securities for cash free of pre-emption rights up to an aggregate nominal amount representing approximately 20 per cent. of the Company's issued share capital. This withdrawal does not affect the Company's strategy or the day-to-day running of the business and follows indications from a small number of the Company's significant shareholders that they are not supportive of this particular resolution.
As previously announced, cash and cash equivalents held by the Company as at 31 December 2017 totalled £25.4 million and the Company is presently budgeting for approximately £11 million of capital expenditure in relation to the 2018 P.2170 work programme, including the Verbier appraisal well, possible sidetrack and the current 3D seismic survey. Accordingly, the Company currently has sufficient funding for the upcoming work programme and its working capital requirements, such that the Board does not consider it necessary to propose a revised resolution this year. The Board will seek to consult with shareholders in advance of proposing a similar resolution, within reduced limits, at the Annual General Meeting to be held in 2019.
The withdrawal of Resolution 5 does not affect the validity of the remainder of the resolutions to be proposed at the Annual General Meeting, or to proxy forms submitted in respect of the remaining resolutions to be put to shareholders for approval later today.
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 | Chris Hardie Benjamin Cryer | Tel: 020 7614 5900 |
BMO Capital Markets Limited | Jeremy Low Neil Haycock Tom Rider | Tel: 020 7236 1010 |
Camarco | Billy Clegg Georgia Edmonds James Crothers | Tel: 020 3757 4983 |
Notes to Editors:
Jersey Oil & Gas is a UK E&P company focused on building a production-focused company in the North Sea. The Company owns an 18% interest in the P.2170 licence, Blocks 20/5b & 21/1d, Outer Moray Firth, in which the operator, Statoil (U.K.) Limited, owns a 70% interest and CIECO V&C (UK) Limited owns a 12% interest.
The Company plans to build a production portfolio via both organic development and acquisitions coinciding with the cyclical recovery in the oil price and the opportune buying market available in the North Sea. The Company is involved in multiple sales processes and intends to draw on its management team's experience, knowledge and expertise to deliver shareholder value from its stated growth strategy.