14 November 2018
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
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 the appointment to the Company and its Board of Directors of Vicary Gibbs as Chief Financial Officer with immediate effect.
Vicary has over 20 years' experience as a corporate financier advising oil and gas corporates on M&A, capital raising and restructuring transactions. He previously worked at BMO Capital Markets Limited as a Managing Director, Investment Banking. Since April 2017, Vicary has acted as an independent oil and gas consultant, providing advice to Jersey Oil and Gas and others. Prior to this, he worked at Canaccord Genuity Hawkpoint Limited, Bank of America and Deutsche Bank AG. Vicary has a BA in Business Administration.
Accordingly, Scott Richardson Brown has stepped down from his current role, with immediate effect, in order to focus on his other directorships and business interests, but has agreed to assist Vicary and the Company in achieving a smooth handover of his responsibilities over the next four weeks.
Marcus Stanton, Chairman of Jersey Oil & Gas, commented:
"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.
"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. I, and the entire Jersey Oil & Gas team, wish Scott all the best with his future endeavours."
Jersey Oil and Gas plc
Andrew Benitz, CEO
Tel: 020 3757 4983
Strand Hanson Limited
Tel: 020 7409 3494
Arden Partners plc
Tel: 020 7614 5900
BMO Capital Markets Limited
Tel: 020 7236 1010
Tel: 020 3757 4983
Additional information on the Directorate Appointment
The following additional information is provided in accordance with AIM Rule 17 and Schedule Two, paragraph (g) of the AIM Rules for Companies:
Vicary James Gibbs (aged 45)
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Vicary Gibbs and his spouse are beneficially interested in 4,447 ordinary shares in Jersey Oil & Gas and he has today been awarded options over a further 150,000 ordinary shares in Jersey Oil & Gas at an exercise price of 172 pence per share. All of these options vest entirely on the third anniversary of their date of grant subject to the satisfaction of certain performance conditions to be determined and interpreted at the discretion of the Remuneration Committee. Subject to vesting and such performance conditions being met, the options are exercisable at any time between the third and seventh anniversaries of their date of grant and if not exercised by that date, will lapse.
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 owns an 18% interest in the P2170 licence, Blocks 20/5b & 21/1d, Outer Moray Firth, in which the operator, Equinor UK 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 in the North Sea. The Company is involved in multiple sales processes and intends to draw on its management team's considerable experience, knowledge and expertise to deliver shareholder value from its stated growth strategy.
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.
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