logo-loader
viewJersey Oil and Gas PLC

Jersey Oil and Gas “fully funded” to advance Greater Buchan project

Jersey ended December with £12.3mln of cash, had no debt and it will shortly seek a partial sale of project equity in the Greater Buchan project

Jersey Oil and Gas PLC - Jersey Oil and Gas “fully funded” to advance Greater Buchan project

Jersey Oil and Gas PLC (LON:JOG) told investors it is fully funded as it continues to progress the Greater Buchan Area (GBA) field development, which will be concept selection work.

In a statement addressing market weaknesses in light of the coronavirus (COVID-19) pandemic, the company said that it has no debt and, on current plans, it has sufficient working capital through to the end of 2021.

READ: JOG to lead fresh evaluation of GBA and nearby area

This comes before the company factors in any proceeds from an envisaged partial sale of project equity in the GBA, for which the process is intended later this year.

Jersey noted that it had £12.3mln cash at the end of December.

Giving its outlook amid challenging market conditions, Jersey said that “while it would be inappropriate to describe the situation as 'business as usual', we continue to work on the various workstreams required to achieve our stated goals and create long term shareholder value,  including advancing concept select for the GBA development which remains on track for delivery this summer."

It added: “Given the nature of our current workstreams these can mostly be completed remotely by our team and contractors and therefore we have set up business continuity measures to enable our team to work from home to  ensure that the safety of those in our employ remains a top priority.”

Quick facts: Jersey Oil and Gas PLC

Price: 153.5 GBX

LSE:JOG
Market: LSE
Market Cap: £33.51 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Jersey Oil and Gas PLC named herein, including the promotion by the Company of Jersey Oil and Gas PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Solo Oil: Analyst Malcolm Graham-Wood expects 'significant valuation uplift'...

Analyst and commentator Malcolm Graham-Wood says this week's acquisition by Solo Oil (LON:SOLO) of producing natural gas fields in the Dutch section of the North Sea 'ticks all the boxes'. ''I was really impressed by this to be honest''. ''This deal they've done really does hit every nail...

on 11/10/19

2 min read