Proactiveinvestors United Kingdom Jersey Oil and Gas PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Jersey Oil and Gas PLC RSS feed en Tue, 19 Feb 2019 15:12:15 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190123164733_13944615/ Wed, 23 Jan 2019 16:47:33 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190123164733_13944615/ <![CDATA[RNS press release - Director's Dealing ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190117105707_13938279/ Thu, 17 Jan 2019 10:57:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190117105707_13938279/ <![CDATA[RNS press release - Grant of Share Options ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190117070005_13937371/ Thu, 17 Jan 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190117070005_13937371/ <![CDATA[News - Jersey Oil & Gas looks forward to Verbier drilling as Equinor picks up rig ]]> https://www.proactiveinvestors.co.uk/companies/news/212705/jersey-oil--gas-looks-forward-to-verbier-drilling-as-equinor-picks-up-rig-212705.html Jersey Oil & Gas PLC (LON:JOG) told investors that the rig contracted to drill the upcoming Verbier appraisal well will shortly begin a three-well programme for operator Equinor.

Verbier is the third of the three wells in Equinor's schedule.

READ: Jersey Oil & Gas poised for exciting start to 2019

The discovery, successfully drilled in 2017, is estimated to have between 25mln and 130mln barrels oil equivalent, with a mean of 69mln barrels.

“We are pleased to note the Equinor operated UKCS drilling operations have now commenced and look forward to the safe and successful drilling of the upcoming Verbier appraisal well programme,” said Andrew Benitz, Jersey chief executive.

Jersey noted that the budget for the 2019 work programme has been approved, and, its share of the costs will be funded from existing cash resources. Total capital expenditure is anticipated at £7-10mln which includes the Verbier-2 appraisal drilling costs (which moves over to the 2019 financial year from 2018).

It also noted that data processing is underway from a recently completed acquisition programme. Fast-track data was received in December and analysis has started.

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Wed, 16 Jan 2019 13:38:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212705/jersey-oil--gas-looks-forward-to-verbier-drilling-as-equinor-picks-up-rig-212705.html
<![CDATA[RNS press release - Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190116131317_13936958/ Wed, 16 Jan 2019 13:13:17 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190116131317_13936958/ <![CDATA[News - Jersey Oil & Gas appoints Vicary Gibbs as new chief financial officer ]]> https://www.proactiveinvestors.co.uk/companies/news/209155/jersey-oil-gas-appoints-vicary-gibbs-as-new-chief-financial-officer-209155.html Jersey Oil & Gas Plc (LON:JOG) has hired Vicary Gibbs as its new chief financial officer with immediate effect.

"I am delighted to welcome Vicary to the board and look forward to working with him in the years ahead, leveraging off his considerable experience as we look to grow the business organically with our core Verbier asset as well as continuing to evaluate and pursue accretive North Sea-focused acquisition opportunities,” said Marcus Stanton, Jersey chairman.

READ: Jersey Oil & Gas poised for exciting start to 2019 with new Verbier well

At the same time, Scott Richardson Brown has stepped down from his current role with immediate effect, in order to focus on his other directorships and business interests.

Stanton added: "I would like to take this opportunity to thank Scott for his contribution to the Company's development, as we transitioned through the restructuring of Trap Oil into Jersey Oil & Gas, followed by the successful Verbier oil discovery.”

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Wed, 14 Nov 2018 07:31:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209155/jersey-oil-gas-appoints-vicary-gibbs-as-new-chief-financial-officer-209155.html
<![CDATA[RNS press release - Directorate Changes ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20181114070004_13865877/ Wed, 14 Nov 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20181114070004_13865877/ <![CDATA[News - Jersey Oil and Gas’s Verbier appraisal well now anticipated in Q1 2019 ]]> https://www.proactiveinvestors.co.uk/companies/news/208986/jersey-oil-and-gass-verbier-appraisal-well-now-anticipated-in-q1-2019-208986.html Jersey Oil and Gas PLC (LON:JOG) has been informed that the Verbier appraisal well will now likely be drilled in the first quarter of 2019, rather than in the current quarter.

Verbier is due to be the second well in a four-well drill programme operated by Equinor (formerly known as Statoil).

READ: Jersey Oil & Gas “very excited” as Verbier drilling approaches

It is to be an appraisal follow-up to a successful exploration well from 2017. It aims to de-risk a proposed field development, prove up additional oil resources and narrow the current resource range of 25mln to 130mln barrels.

The estimated mean resource estimate stands at 69mln barrels oil equivalent.

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Mon, 12 Nov 2018 07:51:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208986/jersey-oil-and-gass-verbier-appraisal-well-now-anticipated-in-q1-2019-208986.html
<![CDATA[RNS press release - Update re Drilling of the "Verbier" Appraisal Well ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20181112070005_13862526/ Mon, 12 Nov 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20181112070005_13862526/ <![CDATA[News - Jersey Oil & Gas poised for exciting start to 2019 with new Verbier well ]]> https://www.proactiveinvestors.co.uk/companies/news/208730/jersey-oil-gas-poised-for-exciting-start-to-2019-with-new-verbier-well-208730.html It is undoubtedly an important time for Jersey Oil & Gas PLC (LON:JOG) and its key asset, the Verbier discovery in the North Sea.

Discovered just over a year ago, Verbier has quickly become Jersey’s core asset.

Jersey will give an investor presentation in Dublin this month, to attend sign up here

In early 2019, new drilling is expected to take forward the asset.

Verbier is being led by Norway’s state-backed operator Equinor (formerly called Statoil) and Jersey holds 18%. It is located around 100 kilometres offshore, in relative proximity to pipeline infrastructure.

The 2017 exploration well unearthed a substantial oil resource, though presently the volumes are estimated in a broad range of 25mln to 130mln barrels - the gross oil value was estimated up to $1.75bn and a conservative ‘low case’ net estimate saw JOG’s stake worth around £31mln.

A new well slated to start in the coming weeks will aim to appraise the discovery, which if successful will lift and narrow the current resource estimates and valuations.

Practically, the well could set Verbier on a path to production.

Importantly for Jersey, valued in the market at about £40mln, the AIM-quoted firm’s share of exploration costs have been partially covered, thanks to a farm-out deal agreed with Statoil in summer 2016.

Jersey’s contribution to the appraisal programme has been estimated up to around £11mln, which could be recouped in multiples if the well proves successful. At the end of June, the company had £22.1mln of cash.

To put the proposition into context, Jersey’s ‘high case’ modelling in the event that the appraisal is successful would deliver nearly £200mln of potential value net to the company.

On paper, a potential field development would potentially begin in 2022, with peak daily output projected between 55,000 and 65,000 barrels of oil per day.

"Management remain very excited by the investment case and continue to believe that there is significant value potential for shareholders in the event of a successful outcome on the Verbier appraisal well programme and, importantly, in the additional opportunity set in this prolific part of the Central North Sea," chief executive Andrew Benitz said in September.

Jersey chief executive Andrew Benitz is due to meet investors and deliver a presentation at the Proactive Investors One2One Investor Forum on November 22 at The Spencer Hotel, IFSC, Dublin.

To attend, register your place at the event here

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Wed, 07 Nov 2018 12:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208730/jersey-oil-gas-poised-for-exciting-start-to-2019-with-new-verbier-well-208730.html
<![CDATA[News - Jersey Oil & Gas “very excited” as Verbier drilling approaches ]]> https://www.proactiveinvestors.co.uk/companies/news/205312/jersey-oil-gas-very-excited-as-verbier-drilling-approaches-205312.html Jersey Oil & Gas Plc (LON:JOG) chief executive Andrew Benitz said he is “very excited” over the prospects for the company’s key Verbier asset as partner and project operator Statoil advances an appraisal programme.

Verbier was discovered with an exploration well almost a year ago, and, Statoil has subsequently put in place plans for a follow-up programme. Statoil has secured regulatory approval and has awarded contracts for the well, scheduled for the fourth quarter of this year.

Jersey is fully-fund for its share of the programme’s costs, ending the first half with £22.1mln of cash.

READ: Jersey Oil & Gas expects Verbier appraisal towards end of 2018

Current estimates put Jersey’s share of the cost in the range of £9-11mln, with only £7-8mln likely to be incurred during the 2018 financial year.

"It is encouraging to note the progress that is being made on our flagship asset and it is evident from the appraisal work programme that we have announced, that our co-venturers in P2170 collectively see significant potential across our area of interest,” Benitz said in Jersey’s financial results statement for the first half.

"Management remain very excited by the investment case and continue to believe that there is significant value potential for shareholders in the event of a successful outcome on the Verbier appraisal well programme and, importantly, in the additional opportunity set in this prolific part of the Central North Sea."

In terms of financials, the pre-revenue explorer reported a £857,455 loss for the six months to June 30.

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Thu, 20 Sep 2018 09:19:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205312/jersey-oil-gas-very-excited-as-verbier-drilling-approaches-205312.html
<![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180920070013_13797534/ Thu, 20 Sep 2018 07:00:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180920070013_13797534/ <![CDATA[News - Jersey Oil expects Verbier appraisal towards end of 2018 ]]> https://www.proactiveinvestors.co.uk/companies/news/201407/jersey-oil-expects-verbier-appraisal-towards-end-of-2018-201407.html Jersey Oil & Gas (LON:JOG) has been advised that drilling of the Verbier Well in the UK Continental Shelf region of the North Sea has been pushed back a few months.

Originally, the plan was to drill the appraisal well this quarter, but operator Equinor (the new name for Statoil) says Verbier will now be the third well in a UK drilling campaign using the West Phoenix rig as opposed to the first.

READ: All eyes on Jersey Oil & Gas’s upcoming appraisal well at Verbier

Drilling is now expected towards the end of 2018, though the delay is not expected to result in any change in the well budget.

Jersey has an 18% stake in Verbier, where initial estimates are for 25 and 130mln barrels of oil equivalent.

The purpose of the planned appraisal well is to determine the potential volume range in the discovery, said the statement.

Andrew Benitz, Jersey’s chief executive, added the well is still within previously advised capex guidance.

West Phoenix is a semi-submersible rig designed for drilling in harsh climatic environments.

 

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Tue, 24 Jul 2018 07:38:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201407/jersey-oil-expects-verbier-appraisal-towards-end-of-2018-201407.html
<![CDATA[RNS press release - Drilling of the "Verbier" Appraisal Well Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180724070006_13728355/ Tue, 24 Jul 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180724070006_13728355/ <![CDATA[News - 3D seismic survey completed over Jersey Oil & Gas' Verbier discovery ]]> https://www.proactiveinvestors.co.uk/companies/news/199760/3d-seismic-survey-completed-over-jersey-oil-gas-verbier-discovery-199760.html Jersey Oil & Gas PLC (LON:JOG) has told investors that the 3D seismic survey over the P.2170 licence area, which covers the Verbier discovery and Cortina prospect, has been completed.

The AIM-quoted firm expects to receive the final imaged data from Petroleum Geo-Services in the first quarter of 2019.

READ: All eyes on Jersey’s upcoming appraisal well at Verbier

Jersey said this data, as well as the results from the upcoming Verbier appraisal well – due to be drilled later this year – will help it to figure out how best to progress the project into a potential future development phase.

“We look forward to achieving a comprehensive update of our geological and geophysical understanding of the greater P.2170 licence area, integrating the results of the forthcoming Verbier appraisal well with the PGS newly acquired, high quality 3D dataset,” said chief executive Andrew Benitz.

“The information to be derived from the appraisal well, together with the new 3D data, will be an important step towards the potential future development of the Verbier discovery and will facilitate our evaluation of other drillable prospects in the P.2170 licence area.”

Jersey owns 18% of Verbier and it has quickly become the company’s most significant asset. It was discovered last October and is estimated to host up to 130mln barrels of oil equivalent.

Separate farm-out deals with Statoil and co-venturer CIECO meant Jersey was carried for US$27.4mln of the Verbier drilling costs.

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Thu, 28 Jun 2018 08:18:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/199760/3d-seismic-survey-completed-over-jersey-oil-gas-verbier-discovery-199760.html
<![CDATA[RNS press release - Completion of 3D Seismic Survey ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180628070009_13696602/ Thu, 28 Jun 2018 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180628070009_13696602/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180524152025_13654605/ Thu, 24 May 2018 15:20:25 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180524152025_13654605/ <![CDATA[RNS press release - Withdrawal of Special Resolution ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180524072759_13653259/ Thu, 24 May 2018 07:27:59 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180524072759_13653259/ <![CDATA[RNS press release - Posting of 2017 Annual Report and Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180426141235_13620372/ Thu, 26 Apr 2018 14:12:35 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180426141235_13620372/ <![CDATA[News - All eyes on Jersey Oil & Gas’s upcoming appraisal well at Verbier ]]> https://www.proactiveinvestors.co.uk/companies/news/195826/all-eyes-on-jersey-oil-gass-upcoming-appraisal-well-at-verbier-195826.html As Jersey Oil & Gas Plc (LON:JOG) releases financial results for 2017 all attentions are fixed on the follow-up drilling planned for the Verbier discovery later this year.

An appraisal well is planned by project operator Statoil to further test Verbier this summer, and it is described by Jersey as exciting near-term activity.

Verbier was discovered during the reporting period, the twelve months ended December 31, and it has been estimated to host up to 130mln barrels of oil equivalent resources.

WATCH: Jersey Oil & Gas's Benitz: North Sea an exciting place to explore again

Among other things, the upcoming appraisal well will provide clearer insight into the discovery’s potential scale and commercial merits.

“Our exploration drilling programme on our highly exciting Verbier prospect in October delivered a stand out discovery in the North Sea which we look forward to appraising this summer,” said Andrew Benitz, Jersey chief executive.

“Our successful fundraising in October has meant that the Company is well funded for the upcoming work programme on the P2170 licence."

Jersey owns 18% of Verbier and it has quickly become the company’s most significant asset.

Separate farm-out deals with Statoil and co-venturer CIECO meant Jersey was carried for US$27.4mln of the Verbier drilling costs.

In November, the AIM-quoted company raised £23.8mln of new capital, and it ended 2017 with £25.4mln of cash and had no debt.

The pre-revenue group reported a £726,000 profit for the year, due to a reimbursement of costs via the farm-out.

On top of the Verbier appraisal, the exploration partners recently committed to pre-fund a 3D seismic survey covering the licence area, examining the Verbier discovery area as well as the Cortina follow-on exploration prospect. The programme is expected to produce its final data in the first quarter of 2019.

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Thu, 26 Apr 2018 08:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/195826/all-eyes-on-jersey-oil-gass-upcoming-appraisal-well-at-verbier-195826.html
<![CDATA[RNS press release - Final Results for the year ended 31 December 2017 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180426070007_13619051/ Thu, 26 Apr 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180426070007_13619051/ <![CDATA[Media files - Jersey Oil & Gas's Benitz: North Sea an exciting place to explore again ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9146/jersey-oil-gas-s-benitz-north-sea-an-exciting-place-to-explore-again-9146.html Wed, 25 Apr 2018 16:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9146/jersey-oil-gas-s-benitz-north-sea-an-exciting-place-to-explore-again-9146.html <![CDATA[News - Jersey Oil and Gas commits to new North Sea seismic programme ]]> https://www.proactiveinvestors.co.uk/companies/news/195628/jersey-oil-and-gas-commits-to-new-north-sea-seismic-programme-195628.html Jersey Oil and Gas PLC (LON:JOG) has told investors that its joint venture with Statoil has committed to pre-fund a multi-client 3D seismic survey which will include its acreage in the North Sea.

The survey will cover the group’s 12%-owned Verbier discovery and Cortina prospect, as well as an additional area of interest (AOI). It is expected that the delivery of the final imaged data will happen in ‘late Q1’ in 2019.

Data gathered through the survey will be integrated with the data from Verbier, where an appraisal well is planned for this summer.

READ: Jersey Oil & Gas looks forward to new Verbier

The company said in a statement that its share of the costs relating to the AOI will be covered from existing cash reserves, and added that total capex for 2018 is now anticipated ‘towards the upper end’ of the previous guidance range, between £9mln and £11mln.

"We are delighted to be able to participate in the pre-funding of PGS' multiclient 3D survey with our co-venturers, which allows us to obtain state-of-the-art, broad-band seismic data at very favourable rates,” said Andrew Benitz, Jersey chief executive.

“We believe this represents an exciting step in our ongoing evaluation of the P.2170 licence area, with the timely delivery of the processed data facilitating the potential future development of the Verbier discovery as well as enhancing our understanding and evaluation of other drillable prospects in the greater licensed area, thereby building on our existing knowledge base gained from last year's successful Verbier discovery well."

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Tue, 24 Apr 2018 07:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/195628/jersey-oil-and-gas-commits-to-new-north-sea-seismic-programme-195628.html
<![CDATA[RNS press release - 3D Seismic Survey ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180424070006_13615460/ Tue, 24 Apr 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180424070006_13615460/ <![CDATA[RNS press release - Director's Dealing ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180313123414_13565219/ Tue, 13 Mar 2018 12:34:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180313123414_13565219/ <![CDATA[News - Jersey Oil & Gas’s Verbier discovery is a “big company asset” - analyst ]]> https://www.proactiveinvestors.co.uk/companies/news/192516/jersey-oil-gass-verbier-discovery-is-a-big-company-asset-analyst-192516.html Jersey Oil & Gas Plc’s (LON:JOG) Verbier discovery is a “big company asset”, according to stockbroker WH Ireland, which has issued a note after operator Statoil hired a rig for a new well.

While the North Sea find may be a ‘big company asset’, analyst Brendan Long also highlighted that via its 18% stake Jersey offers investors the significant kind of upside often associated with ‘small companies’.

READ: Jersey Oil & Gas looks forward to new Verbier well as Statoil signs up rig

Verbier was discovered quite recently, with a well in the second half of 2017, and Statoil is making rapid progress with an appraisal well now due this summer.

“We believe the pace being set by Statoil clearly indicates that Verbier is a high-priority within that company’s global suite of assets,” Long said.

Based on the discovery well data Verbier has so far been estimated to host between 25mln to 135mln barrels oil equivalent (boe), with the mean set at 69mln boe.

The plan is for the appraisal drilling to help determine a narrower range of resources.

“The high-low range of uncertainty is quite large for a discovered oil field benefiting from 3D-seismic and a successful well penetration. This reflects the partly stratigraphic nature of the field,” Long said.

“We believe that the first appraisal well will be drilled to the north of the discovery well (sidetrack well 20/05b-13z) and that if successful it would increase the bottom of the high-low range by bringing it closer to the mid-case estimate.”

He added: “A decision to drill a sidetrack well in 2018 will be made after the results of the first appraisal well are known while the rig is still on location (essentially a second appraisal well).

“This would likely be to test the full upside potential of the reservoir. No precise well locations have been disclosed.”

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Fri, 02 Mar 2018 11:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/192516/jersey-oil-gass-verbier-discovery-is-a-big-company-asset-analyst-192516.html
<![CDATA[News - Jersey Oil & Gas looks forward to new Verbier well as Statoil signs up rig ]]> https://www.proactiveinvestors.co.uk/companies/news/192427/jersey-oil-gas-looks-forward-to-new-verbier-well-as-statoil-signs-up-rig-192427.html Jersey Oil & Gas Plc (LON:JOG) is preparing for the next well at the Verbier discovery in the North Sea, with a rig contract now signed for an appraisal programme.

The explorer said in a statement that project operator Statoil has signed up the West Phoenix rig for the drilling due to take place in summer 2018.

READ: Jersey Oil & Gas confirms summer follow-up drilling plans for Verbier discovery

"We are very pleased to announce that Statoil has contracted the West Phoenix, a sixth generation semi-submersible drilling rig, being the same class of rig that drilled the Verbier discovery well last year, to drill the Verbier appraisal well this summer,” said Andrew Benitz, Jersey chief executive.

“Confirmation of this contract at competitive market rates is in line with our previously announced Capex expectations for 2018 and this appraisal campaign will help determine the potential of our exciting Verbier discovery.

“In parallel with the appraisal well programme on Verbier, we are continuing our exploration activities to fully evaluate the remaining prospectivity of the P.2170 licence area."

Jersey owns an 18% stake in Verbier which following last year’s discovery well is estimated to host between 25mln to 135mln barrels oil equivalent (boe), with the mean set at 69mln boe.

It is expected that the appraisal well will help determine a narrower range of resources.

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Thu, 01 Mar 2018 11:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/192427/jersey-oil-gas-looks-forward-to-new-verbier-well-as-statoil-signs-up-rig-192427.html
<![CDATA[RNS press release - Rig Contract Signed ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180301100849_13550981/ Thu, 01 Mar 2018 10:08:49 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180301100849_13550981/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180201180845_13518948/ Thu, 01 Feb 2018 18:08:45 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180201180845_13518948/ <![CDATA[News - Jersey Oil & Gas confirms summer follow-up drilling plans for Verbier discovery ]]> https://www.proactiveinvestors.co.uk/companies/news/190736/jersey-oil-gas-confirms-summer-follow-up-drilling-plans-for-verbier-discovery-190736.html Jersey Oil & Gas Plc (LON:JOG) has told investors that a follow on to the Verbier discovery well is planned for this summer.

The company said in a statement that the co-venturers ( led by project operator Statoil) have now approved a work programme and budget for 2018, and it includes an appraisal of the Verbier oil discovery.

Negotiations are presently advanced for the contracting a drilling rig for the new Verbier programme, JOG said.

READ: Jersey Oil and Gas confirmed it has raised £20mln in share placing

The company added that the programme is planned to comprise one appraisal well, plus an option for a sidetrack well.

JOG’s share of the work programme will be funded from existing cash reserves which amounted to £25mln at the end of December (a capital budget of £9mln to £11mln is envisaged for the year).

"We are pleased with the progress being made on the post-discovery technical work being undertaken by the P.2170 joint venture partnership and that plans to appraise the Verbier oil discovery have been confirmed,” said JOG chief executive Andrew Benitz.

READ: North Sea oil firms boosted as Chancellor announces raft of tax breaks to spur investment

He added: "We look forward to updating our shareholders in due course as drilling plans and further exploration activity progresses."

JOG owns a 12% stake in Verbier, where Statoil’s initial estimates have put the gross recoverable resources at some 69mln barrels oil equivalent (mean) – the estimates range from 25mln to 130mln barrels.

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Mon, 29 Jan 2018 08:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/190736/jersey-oil-gas-confirms-summer-follow-up-drilling-plans-for-verbier-discovery-190736.html
<![CDATA[RNS press release - Grant of Share Options ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180129073001_13512377/ Mon, 29 Jan 2018 07:30:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180129073001_13512377/ <![CDATA[RNS press release - Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180129070005_13512037/ Mon, 29 Jan 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180129070005_13512037/ <![CDATA[News - North Sea oil firms boosted as Chancellor announces raft of tax breaks to spur investment ]]> https://www.proactiveinvestors.co.uk/companies/news/187662/north-sea-oil-firms-boosted-as-chancellor-announces-raft-of-tax-breaks-to-spur-investment-187662.html North Sea oilfields are set to benefit from a new clutch of tax breaks after Philip Hammond confirmed his intention to make changes to UK oil and gas tax legislation.

The Chancellor hopes that the move will help spur up to £40bn in investment in the declining industry.

The changes – lobbied for by the Oil & Gas UK industry group – will allow producers selling their oilfields in the region to hand over existing tax breaks to the buyer.

Reduces costs of decommissioning  North Sea fields

This will allow the buyer to benefit from larger tax relief when fields run dry and require dismantling – known in the industry as decommissioning.

Decommissioning remains a sticking point in many North Sea negotiations because the original operator is ultimately responsible dismantling the fields with buyers unwilling to take on the costs without the tax breaks.

The move could be particularly significant for London’s listed mid-cap and junior offshore oil companies that aim to squeeze as much oil as possible from the mature North Sea basin.

“Decommissioning is a significant factor when deciding whether to invest in the North Sea and the ability to transfer tax history for oil and gas fields is a welcome first step to help to address this concern,” said Andrew Benitz, chief executive of Jersey Oil & Gas – an AIM-quoted group with plans to acquire producing mature North Sea assets.

The exact details of the proposed changes will be worked through in 2018, Hammond said.

“There is plenty of life left in the North Sea yet,” Benitz proclaimed.

Independent Oil & Gas PLC (LON:IOG) boss Mark Routh echoed those comments, adding: “We welcome this new innovative tax policy which is precisely what a mature oil and gas province such as the North Sea needs to stimulate deals, increase activity and therefore achieve higher production and revenue from the sector.”

Government wants to maximise value of UK’s oil assets

“Today’s announcement by the Chancellor represents an unprecedented change to UK oil and gas tax law and is a clear demonstration that the government wishes to maximise the value of the UK’s remaining hydrocarbon reserves,” said EY’s head of oil and gas tax Derek Leith.

“A key plank of government policy to maximise economic recovery and to reduce the cost of decommissioning is to get the larger mature assets in the UK Continental Shelf into the hands of those companies that will focus on late life investment, extend the producing life of the assets and ultimately decommission these large fields more cheaply.

“New investment in the UKCS is the lifeblood to preserving an industry which has made a huge contribution to the UK’s economy over many decades, and supporting a supply chain focused on innovation and internationalisation.”

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Wed, 22 Nov 2017 15:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/187662/north-sea-oil-firms-boosted-as-chancellor-announces-raft-of-tax-breaks-to-spur-investment-187662.html
<![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171113174501_13429957/ Mon, 13 Nov 2017 17:45:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171113174501_13429957/ <![CDATA[RNS press release - Result of GM, Result of Offer and Fundraising ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171109144445_13426602/ Thu, 09 Nov 2017 14:44:45 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171109144445_13426602/ <![CDATA[RNS press release - Posting of Circular ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171024180001_13407679/ Tue, 24 Oct 2017 18:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171024180001_13407679/ <![CDATA[News - Jersey Oil and Gas confirmed it has raised £20mln in share placing ]]> https://www.proactiveinvestors.co.uk/companies/news/185963/jersey-oil-and-gas-confirmed-it-has-raised-20mln-in-share-placing-185963.html Jersey Oil and Gas PLC (LON:JOG) has confirmed it has closed the books on its £20mln share placing, with 10mln new shares being issued at a price of 200p.

In late afternoon trading, the AIM-listed shares were changing hands at 211.5p each, down 16.7% on last night's close, holding above the placing price. 

The company noted that a number of directors - Marcus Stanton, Andrew Benitz, Ronald Lansdell, Scott Richardson Brown, Frank Moxon - and a further £4mln could be raised through an open offer to existing shareholders.

"I am delighted by the strong support we have received from a list of very high quality institutional investors and am delighted to provide the opportunity to our non-institutional shareholders to participate on the same terms,” said Andrew Benitz, Jersey chief executive.

“As we enter our next stage of growth, today's financing provides us with the ability to fund our anticipated appraisal and exploration commitments in P.2170 and a strong platform to deliver further shareholder value through the acquisition of producing assets."

Verbier second wind

The company has an 18% stake in the UK Seaward Licence P2170 in the North Sea where Statoil is the operator.

Statoil estimates the new Verbier discovery between 25 and 130mln barrels, with at least 25mln barrels seen as recoverable in the immediate vicinity of the discovery well.

At Verbier, the exploration well’s initial target was unsuccessful but Statoil decided to drill out a side-track targeting a separate up-dip prospect, and the gamble proved successful as it found a hydrocarbon accumulation in good quality sands.

Given that the average North Sea discovery is typically in the order of 20mln barrels, the initial discovery at Verbier represents an opportunity to make a significant project.

Jersey said in a statement on Friday morning that it believes Statoil will suggest further appraisal and exploration drilling in order to better define the prospectivity and commerciality of three key prospects - namely Verbier, Cortina and Meribel.

The AIM-quoted explorer’s own view anticipates the appraisal and exploration programmes taking place through 2018, prior to development with Verbier potentially reaching ‘first oil’ by around 2022.

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Fri, 20 Oct 2017 14:54:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/185963/jersey-oil-and-gas-confirmed-it-has-raised-20mln-in-share-placing-185963.html
<![CDATA[RNS press release - Update re Placing ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171020141401_13404244/ Fri, 20 Oct 2017 14:14:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171020141401_13404244/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171020110537_13403906/ Fri, 20 Oct 2017 11:05:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171020110537_13403906/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171020110029_13403895/ Fri, 20 Oct 2017 11:00:29 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171020110029_13403895/ <![CDATA[News - Jersey Oil & Gas and President Energy placings are ‘no brainers’ - expert ]]> https://www.proactiveinvestors.co.uk/companies/news/185946/jersey-oil-gas-and-president-energy-placings-are-no-brainers-expert-185946.html The market has been presented with not one but two ‘no brainer’ investment opportunities on Friday, according to oil companies expert Malcom Graham Wood.

Jersey Oil & Gas Plc (LON:JOG) and President Energy PLC (LON:PPC) both opened the books on separate equity funding efforts this morning, and the analyst strongly endorsed the placings via Twitter.

Two giveaways this morning, no brainers from JOG and PPC, the words fill and your boots come to mind......

— Malcolm Graham-Wood (@mgrahamwood) October 20, 2017 READ: Jersey Oil & Gas to raise £24mln in anticipation of new Verbier drilling

In his daily blog, meanwhile, he said: “One of the worst kept secrets was that JOG was on the road and looking for money, mainly as it is so much of a no-brainer.

“With a fantastic discovery at Verbier, and operator Statoil looking to appraise the 25-130m as well as a likely exploration well on the already de-risked Cortina prospect, a raise now is perfect timing.”

Graham Wood noted that any delay in raising funds would have spooked the market, he described the proposed raise as “very wise indeed.”

He added: “At 200p the offer is in my view so much of a giveaway that I wouldn’t be surprised to see an announcement very soon that it has been massively oversubscribed at this level.

“Also it should be borne in mind that JOG is still looking for UKCS production opportunities and strengthening the balance sheet at this time is no bad idea. Longer term this will be viewed as a chance not to have missed.”

The analyst reckons a target price should be pitched at ‘roughly’ five times the current share price.

READ: President Energy confirms US$8.75mln share placing

Regarding President, the analyst said: “There is something in the water in the square mile as during his roadshow Peter Levine has run into people seemingly very keen to invest in the company and I can’t blame them.”

He added: “The raise will give PPC further opportunities to buy more production and likely accelerate the existing work programme in Argentina.

“With the continent so full of opportunities and many companies looking to invest in the area, PPC has achieved a valuable early mover status and should be rewarded for it.

“The recent share price movement is only the start of a fully blown re-rating for the company.”

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Fri, 20 Oct 2017 10:56:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/185946/jersey-oil-gas-and-president-energy-placings-are-no-brainers-expert-185946.html
<![CDATA[News - Jersey Oil & Gas to raise £24mln in anticipation of new Verbier drilling ]]> https://www.proactiveinvestors.co.uk/companies/news/185930/jersey-oil-gas-to-raise-24mln-in-anticipation-of-new-verbier-drilling-185930.html Jersey Oil & Gas Plc (LON:JOG) is raising up to £24mln to fund an appraisal programme at the new Verbier project as well as new exploration drilling at the follow-on Cortina prospect.

The company has an 18% stake in the UK Seaward Licence P2170 in the North Sea where Statoil is the operator.

READ: Jersey Oil and Gas soars after Statoil discovery, but WH Ireland still sees the share going much higher

Statoil estimates the new Verbier discovery between 25 and 130mln barrels, with at least 25mln barrels seen as recoverable in the immediate vicinity of the discovery well.

At Verbie, the exploration well’s initial target was unsuccessful but Statoil decided to drill out a side-track targeting a separate up-dip prospect, and the gamble proved successful as it found a hydrocarbon accumulation in good quality sands.

Given that the average North Sea discovery is typically in the order of 20mln barrels, the initial discovery at Verbier represents an opportunity to make a significant project.

Jersey said in a statement that it believes Statoil will suggest further appraisal and exploration drilling in order to better define the prospectivity and commerciality of three key prospects - namely Verbier, Cortina and Meribel.

The AIM-quoted explorer’s own view anticipates the appraisal and exploration programmes taking place through 2018, prior to development with Verbier potentially reaching ‘first oil’ by around 2022.

READ: Jersey Oil and Gas proposition transformed as Verbier side-track pays off

Chief executive Andrew Benitz said in the statement that: "Jersey Oil & Gas is in a unique position with an 18 per cent interest in Licence P.2170 containing the Verbier oil discovery which Statoil, the operator, initially estimates has gross recoverable resources of between 25 and 130MMboe, with a minimum proven recoverable volume in the immediate vicinity of the wellbore of 25 MMboe.

“Evaluation of the well results alongside the existing 3D seismic data is ongoing and today's placing ensures that we are able to fund our working interest in this highly attractive licence once the appraisal drilling programme is confirmed by the operator.”

He added: “Alongside this we have a strong pipeline of asset opportunities and are encouraged by the active deal flow in the North Sea.

“The additional funds will allow us to maintain our balance sheet strength as we continue to pursue a production-led acquisition strategy within the UKCS."

Equity issues

Jersey proposes to raise £20mln through a share placing that will be arranged by brokers Arden and BMO, and separately qualifying shareholders will be given the opportunity to subscribed for new shares via an offer.

The equity funding effort is not being underwritten. Details such as price and the size of the equity issue will be determined through the bookbuild process, which is due to be wrapped up no later than 5:30pm today.

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Fri, 20 Oct 2017 07:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/185930/jersey-oil-gas-to-raise-24mln-in-anticipation-of-new-verbier-drilling-185930.html
<![CDATA[RNS press release - Placing to raise £20m by accelerated bookbuild ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171020070003_13403162/ Fri, 20 Oct 2017 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171020070003_13403162/ <![CDATA[RNS press release - Exercise of Options ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171017153858_13399749/ Tue, 17 Oct 2017 15:38:58 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171017153858_13399749/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171009164041_13390878/ Mon, 09 Oct 2017 16:40:41 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171009164041_13390878/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171009163524_13390873/ Mon, 09 Oct 2017 16:35:24 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171009163524_13390873/ <![CDATA[News - Jersey Oil and Gas soars after Statoil discovery, but WH Ireland still sees the share going much higher ]]> https://www.proactiveinvestors.co.uk/companies/news/185281/jersey-oil-and-gas-soars-after-statoil-discovery-but-wh-ireland-still-sees-the-share-going-much-higher-185281.html Jersey Oil and Gas PLC (LON:JOG) shares soared on Monday, rising more than 200p to trade at 265p, on the news that Statoil has hit an oil discovery in the Verbier side-track well - yet, WH Ireland reckons the price could go as high as 441p.

Statoil revealed the success of the side-track to the originally unsuccessful Verbier well hitting hydrocarbons.

JOG owns an 18% stake in the Statoil led exploration venture which has now proven the oil accumulation in good quality sands, and the results are now being evaluated.

Statoil’s initial estimate of the discovery puts the size of the new discovery between 25mln and 130mln barrels of oil, and it added that there was a minimum of 25mln barrels proven recoverable oil in the immediate vicinity of the well bore.

"The results show that we made the right decision to sidetrack the well and this discovery proves that there could be significant remaining potential in this mature basin,” said Jenny Morris, vice president for exploration for Statoil UK.

“We are convinced of the remaining, high-value potential on the UK continental shelf and the Verbier result certainly gives us the confidence and determination to continue our exploration efforts."

Andrew Benitz, Jersey chief executive, meanwhile, added: “We are delighted by the positive outcome of the Verbier sidetrack.”

WH Ireland analyst Brendan Long, in a note, takes a mid-point assumption from the Statoil estimate for new discovery, pitched by the Norwegian firm between 25mln to 130mln barrels, valuing some 77.5mln barrels at 855p per share for JOG’s 18% stake.

Given that the discovery is still in its early stages, Long includes only half of that potential value into his target price.

“This is a very material and highly positive result, that will take time to fully appreciate, but in our opinion, the market is far from recognising the materiality of this successful discovery,” Long said, whilst repeating a ‘buy’ recommendation.

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Mon, 09 Oct 2017 14:33:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/185281/jersey-oil-and-gas-soars-after-statoil-discovery-but-wh-ireland-still-sees-the-share-going-much-higher-185281.html
<![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171009140543_13390594/ Mon, 09 Oct 2017 14:05:43 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171009140543_13390594/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171009140035_13390590/ Mon, 09 Oct 2017 14:00:35 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20171009140035_13390590/ <![CDATA[News - Jersey Oil and Gas proposition transformed as Verbier side-track pays off ]]> https://www.proactiveinvestors.co.uk/companies/news/185262/jersey-oil-and-gas-proposition-transformed-as-verbier-side-track-pays-off-185262.html Jersey Oil and Gas PLC (LON:JOG) has seemingly been transformed by a somewhat fortunate success with a ‘Plan B’ exploration target.

The junior oil firm’s valuation collapsed in August after news that the Statoil’s Verbier exploration well had been a failure – JOG had 18% of the well which found its target to contain water rather than oil.

JOG, at that time told investors that an extension to the programme, to drill a side-track well, was a possible but unlikely next step a Verbier.

Statoil, nonetheless, decided shortly thereafter that it would, in fact, drill out the side-track to test a separate exploration target, up-dip from the initial Verbier location.

On Monday, it was revealed that Statoil’s perseverance has been rewarded with a potentially significant oil discovery.

Statoil drilled the well within budget to a depth of 3,811 metres and it had hit an oil accumulation in good quality sands. The well results are now being evaluated alongside 3D seismic data to assess what the find means for the rest of the nearby acreage.

The initial estimate of the discovery is set 25mln and 130mln barrels of oil, and Statoil said there is a minimum of 25mln barrels proven recoverable oil in the immediate vicinity of the well bore.

It was the right decision

"The results show that we made the right decision to sidetrack the well and this discovery proves that there could be significant remaining potential in this mature basin,” said Jenny Morris, vice president for exploration for Statoil UK.

“We are convinced of the remaining, high-value potential on the UK continental shelf and the Verbier result certainly gives us the confidence and determination to continue our exploration efforts."

Andrew Benitz, Jersey chief executive, meanwhile, added: “We are delighted by the positive outcome of the Verbier sidetrack.

“The well has achieved its objective by encountering good quality, hydrocarbon-bearing sands, up dip from the initial well with the results exceeding pre drill expectations for the sidetrack."

Stockbroker SP Angel, in a note, said: “while there is a way to go yet before the discovery can be declared commercial, this is an important first step.”

It remains early days for this new Verbier discovery, and further analysis will be required. At the same time potential follow on exploration plans for the untested Cortina and Meribel prospects will also now be evaluated in a more positive light.

Investors were understandably delighted, with JOG shares racing to rise more than 200% in Monday’s early deals.

JOG started out with a production focussed acquisition strategy

In last month’s interim results statement, released whilst Statoil was in the middle of the side-track programme, JOG talked up its own strategy – which from the outset has been about production based growth rather than high risk exploration.

The company, when it was rebooted out of the remains of Trap Oil, had intended to acquire and build a portfolio of producing assets and in September the company said it remained in a strong position to pursue its original strategy regardless of the Verbier outcome.

It highlighted that it would have a cash position of around £1.8mln once Statoil completes sidetrack drilling.

“JOG has a strong vision for growth across the North Sea and with this support, we can achieve our stated objectives,” Benitz said in September.

Whilst it remains to be seen how exactly JOG intends to utilise the new found success at Verbier, plainly holding a material in a potentially significant discovery transforms the proposition for investors and most likely opens up valuable optionality for the group’s acquisition plans going forward.

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Mon, 09 Oct 2017 11:23:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/185262/jersey-oil-and-gas-proposition-transformed-as-verbier-side-track-pays-off-185262.html