TIDMJOG
RNS Number : 0860W
Jersey Oil and Gas PLC
09 November 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN,
THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO
SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF
SUCH JURISDICTION.
Capitalised terms used in this announcement shall have the same
meanings as the definitions set out in the Company's announcement
of 20 October 2017 and in the Circular.
9 November 2017
Jersey Oil and Gas plc
("Jersey Oil and Gas" or the "Company")
Result of General Meeting
Result of Offer, Completion of Fundraising and Issue of
Equity
Jersey Oil and Gas (AIM: JOG), an independent upstream oil and
gas company focused on the UK Continental Shelf ("UKCS") region of
the North Sea, announces that the resolutions proposed at its
General Meeting held earlier today, as set out in the formal Notice
of General Meeting dated 24 October 2017, were all duly approved by
shareholders.
The Offer announced as part of the Fundraising on 20 October
2017 having now closed for acceptances, the Company is pleased to
announce that valid acceptances were received from Qualifying
Participants in respect of, in aggregate, 1,878,441 Offer Shares,
representing approximately 93.92 per cent. of the Offer Maximum.
Qualifying Participants that have made valid applications will
therefore be allocated all of the Offer Shares that they applied
for.
Accordingly, pursuant to the Placing and Offer announced on 20
October 2017 and further to the abovementioned passing of all
resolutions at the Company's General Meeting held earlier today,
the Company is issuing 10,000,000 new Ordinary Shares pursuant to
the Placing and 1,878,441 new Ordinary Shares pursuant to the Offer
at a price of 200 pence per share. The Company has therefore raised
total gross proceeds from the Fundraising of approximately GBP23.76
million.
Mr Marcus Stanton, Non-Executive Chairman of Jersey Oil and Gas,
has subscribed for a further 7,500 Ordinary Shares under the Offer
in addition to his participation in the Placing as announced on 20
October 2017. Mr Stanton will therefore be issued, in aggregate,
15,000 new Ordinary Shares pursuant to the Fundraising and
following the issue of these shares will be interested, in
aggregate, in 39,192 Ordinary Shares representing approximately
0.18 per cent. of the Company's enlarged issued share capital.
The participation by Mr Stanton in the Offer is considered to be
a related party transaction for the purposes of Rule 13 of the AIM
Rules for Companies. The Directors (other than Mr Stanton)
consider, having consulted with Strand Hanson Limited, the
Company's nominated adviser, that the terms of the participation by
Mr Stanton in the Offer are fair and reasonable in so far as the
Company's Shareholders are concerned.
Application has been made for admission of the Placing Shares
and 1,878,441 Offer Shares to trading on the AIM market of the
London Stock Exchange, which is expected to become effective and
dealings commence at 8.00 a.m. on 10 November 2017 ("Admission").
Following Admission, the Company's enlarged share capital will
comprise 21,829,227 Ordinary Shares, with voting rights. The
Company does not hold any Ordinary Shares in treasury. Therefore,
the total number of Ordinary Shares in the Company with voting
rights will be 21,829,227 Ordinary Shares and shareholders may use
this figure as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
change to their interest in, the share capital of the Company under
the FCA's Disclosure Guidance and Transparency Rules.
Andrew Benitz, CEO of Jersey Oil and Gas Plc, commented:
"This has been an exceptional few months for Jersey Oil and Gas
following the drilling of the Verbier oil discovery, which the
operator, Statoil (U.K.) Limited ("Statoil"), initially estimates
to contain gross recoverable resources of between 25 to 130MMboe.
With today's successful completion of the Placing and Offer, we now
have funding in place for the anticipated Verbier appraisal and
Cortina exploration drilling programmes, the details of which will
be decided upon and finalised with our partners, Statoil and CIECO
V&C (UK) Limited, following full evaluation of the discovery
well results alongside the existing 3D seismic data.
"The Board and I would like to welcome our new shareholders and
acknowledge the valuable support of our existing shareholders, and
we look forward to delivering further value as we continue to
pursue our production focused acquisition strategy in the
UKCS."
For further information please contact:
Jersey Oil and Andrew Benitz, C/o Camarco:
Gas plc CEO Tel: 020 3757 4983
Strand Hanson Limited James Harris Tel: 020 7409 3494
Matthew Chandler
James Bellman
Arden Partners Chris Hardie Tel: 020 7614 5900
plc Benjamin Cryer
BMO Capital Markets Neil Haycock Tel: 020 7236 1010
Limited Thomas Rider
Camarco Billy Clegg Tel: 020 3757 4983
Georgia Edmonds
James Crothers
Notes to Editors:
Jersey Oil and Gas is a UK E&P Company focused on building a
production focused company in the North Sea. The Company owns an 18
per cent. interest in the P.2170 "Verbier" licence, Blocks 20/5b
& 21/1d, Inner Moray Firth in which the operator Statoil (U.K.)
Limited owns a 70% interest and CIECO V&C (UK) Limited owns a
12% interest.
The Company plans to build a production portfolio via
acquisitions coinciding with the cyclical recovery in the oil price
and the current 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 production
acquisition 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 ("MAR").
PDMR Notification Forms:
The notifications below are made in accordance with the
requirements of MAR.
1. Details of the person discharging managerial
responsibilities / person closely associated
--- -------------------------------------------------------------
a) Name Marcus Stanton
--- ------------------------------- ----------------------------
2. Reason for the Notification
--- -------------------------------------------------------------
a) Position/status Non-Executive Chairman
--- ------------------------------- ----------------------------
b) Initial notification/amendment Initial notification
--- ------------------------------- ----------------------------
3. Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
--- -------------------------------------------------------------
a) Name Jersey Oil and Gas plc
--- ------------------------------- ----------------------------
b) LEI N/A
--- ------------------------------- ----------------------------
4. Details of the transaction(s):section to be
repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date;
and (iv)each place where transactions have
been conducted
--- -------------------------------------------------------------
a) Description of the Ordinary shares of 1 pence
Financial instrument, each
type of instrument
--- ------------------------------- ----------------------------
Identification code GB00BYN5YK77
--- ------------------------------- ----------------------------
b) Nature of the Transaction Purchase of ordinary shares
through participation in
placing and offer
--- ------------------------------- ----------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------- ----------
200p 15,000
--------- ----------
--- ------------------------------- ----------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume
Price
--- ------------------------------- ----------------------------
e) Date of the transaction 9 November 2017
--- ------------------------------- ----------------------------
f) Place of the transaction London Stock Exchange, AIM
Market (XLON)
--- ------------------------------- ----------------------------
1. Details of the person discharging managerial
responsibilities / person closely associated
--- --------------------------------------------------------------------
a) Name Ronald Lansdell
--- ------------------------------- -----------------------------------
2. Reason for the Notification
--- --------------------------------------------------------------------
a) Position/status Chief Operating Officer (Director)
--- ------------------------------- -----------------------------------
b) Initial notification/amendment Initial notification
--- ------------------------------- -----------------------------------
3. Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
--- --------------------------------------------------------------------
a) Name Jersey Oil and Gas plc
--- ------------------------------- -----------------------------------
b) LEI N/A
--- ------------------------------- -----------------------------------
4. Details of the transaction(s):section to be
repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date;
and (iv)each place where transactions have
been conducted
--- --------------------------------------------------------------------
a) Description of the Ordinary shares of 1 pence
Financial instrument, each
type of instrument
--- ------------------------------- -----------------------------------
Identification code GB00BYN5YK77
--- ------------------------------- -----------------------------------
b) Nature of the Transaction Purchase of ordinary shares
through participation in
placing
--- ------------------------------- -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------- ----------
200p 15,337
--------- ----------
--- ------------------------------- -----------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume
Price
--- ------------------------------- -----------------------------------
e) Date of the transaction 9 November 2017
--- ------------------------------- -----------------------------------
f) Place of the transaction London Stock Exchange, AIM
Market (XLON)
--- ------------------------------- -----------------------------------
1. Details of the person discharging managerial
responsibilities / person closely associated
--- --------------------------------------------------------------------
a) Name Scott Richardson Brown
--- ------------------------------- -----------------------------------
2. Reason for the Notification
--- --------------------------------------------------------------------
a) Position/status Chief Financial Officer (Director)
--- ------------------------------- -----------------------------------
b) Initial notification/amendment Initial notification
--- ------------------------------- -----------------------------------
3. Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
--- --------------------------------------------------------------------
a) Name Jersey Oil and Gas plc
--- ------------------------------- -----------------------------------
b) LEI N/A
--- ------------------------------- -----------------------------------
4. Details of the transaction(s):section to be
repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date;
and (iv)each place where transactions have
been conducted
--- --------------------------------------------------------------------
a) Description of the Ordinary shares of 1 pence
Financial instrument, each
type of instrument
--- ------------------------------- -----------------------------------
Identification code GB00BYN5YK77
--- ------------------------------- -----------------------------------
b) Nature of the Transaction Purchase of ordinary shares
through participation in
placing
--- ------------------------------- -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------- ----------
200p 5,000
--------- ----------
--- ------------------------------- -----------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume
Price
--- ------------------------------- -----------------------------------
e) Date of the transaction 9 November 2017
--- ------------------------------- -----------------------------------
f) Place of the transaction London Stock Exchange, AIM
Market (XLON)
--- ------------------------------- -----------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCZKLFBDFFZFBL
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November 09, 2017 09:44 ET (14:44 GMT)
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