Company
LON:JOG
Jersey Oil and Gas PLC is a UK E&P company focused on building an upstream oil and gas business in the North Sea. The company holds a 50% interest in each of licences P2498 and P2170 in the UK Central North Sea referred to as the "Greater Buchan Area". Licence P2498 contains the Buchan oil field and J2 oil discovery and licence P2170 contains the Verbier oil discovery.
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"We see the North Sea as a crucible for energy transition where upstream oil and gas can function effectively alongside the advancement of renewable energy," the company said
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Jersey advanced the GBA project and is advancing an ongoing farm-out process
It is a major opportunity to extract locally-sourced hydrocarbons profitably with basin-leading low carbon emissions, according to CEO Andrew Benitz
Chief executive Andrew Benitz described it as a pragmatic and cost-effective decision
“We believe that Jersey Oil & Gas will successfully secure a farm-in partner to fund the development of the GBA,” said WH Ireland analyst Brendan Long.
The North Sea firm has submitted a key report to regulator Oil and Gas Authority, along with multiple other ongoing programmes.
“We have assembled an industry-leading, multidisciplinary team of specialists who have delivered a significant upgrade in discovered and prospective resources and selected what we believe is the optimum development concept,” said Andrew Ben
“We understand that responsibly sourced hydrocarbons will be fundamental to a successful global energy transition ensuring vital energy supply during the period," said Andrew Benitz
Former Ithaca Energy chief executive Les Thomas has 35 years of experience
“This is an important acquisition for our recently launched farm-out process in respect of our GBA development project and increases JOG's discovered resources," said chief executive Andrew Benitz
The company is aiming to raise up to £15mln through a share placing and subscription
JOG added it had now also formally started the farm-out process to find a partner to help it with the project.
It was an eventful week in the oil and gas sector.
"We now plan to launch a farm-out process, which we expect to be highly attractive to a wide range of oil companies in light of the project's scale, economics and low carbon potential," said Andrew Benitz
“This represents a further step in delivering on our strategy of acquiring a controlling interest in the acreage that forms the Greater Buchan Area," Andrew Benitz said.
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“These compelling results demonstrate the substantial inherent value of the Buchan field and the wider GBA development," said chief executive Andrew Benitz.
The settlement takes the group's cash position to around £5mln ahead of progress for the Greater Buchan project
The Greater Buchan Area now has four drill-ready prospects to go with the discoveries that are already slated for development
