Jersey Oil and Gas PLC (LON:JOG) chief executive Andrew Benitz has highlighted a transformational year for the group's asset growth as he commented in the company’s financial results statement for 2019.
The period saw the firm increase resource inventory to over 120mln barrels as it picked up the Buchan assets and consolidated the Verbier discovery in the North Sea.
The Greater Buchan project now comprises Buchan, Verbier, J2 and Glenn discoveries and development planning is currently taking place with an initiative of technical and commercial evaluation studies also underway, in which the company is working with neighbouring field operators to consider collaborative development in the area.
Additionally, the portfolio of assets retains significant upside potential with some 232mln barrels of prospective resources presently estimated.
The exploration company ended 2019 in a strong financial position with £12.3mln of cash and no debt. It is presently fully funded through to at least the end of 2021.
"The company is currently entirely focused on the timely delivery of concept selection for this major new area hub that has the potential to create significant value for stakeholders,” Andrew Benitz, Jersey chief executive said in the statement.
"JOG has assembled a team with the right skills, experience and track record to implement its GBA development plan. I would like to thank this team for adapting seamlessly to a new remote working environment as a result of the COVID-19 pandemic, such that we continue to remain on track with our current development plans," he added.
The pre-revenue company reported a £2.1mln loss for 2019.