Jersey Oil and Gas PLC Licence Extension & Assignment Approvals (8460B)
07 6월 2023 - 3:00PM
UK Regulatory
TIDMJOG
RNS Number : 8460B
Jersey Oil and Gas PLC
07 June 2023
7 June 202 3
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Licence Extension & Assignment Approvals
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and
gas company focused on the UK Continental Shelf region of the North
Sea, is pleased to announce that the North Sea Transition Authority
("NSTA") has approved an extension to the Second Term of its P2498
"Buchan" Licence. The Company is also pleased to report that the
NSTA has approved the Company's request to assign a 50% working
interest in both licence P2498 and licence P2170 ("Verbier") to NEO
Energy ("NEO"), as part of the recently announced Greater Buchan
Area farm-out transaction.
The Second Term of licence P2498 has been extended by 18 months
to 28 February 2025. The extension was requested in order to
provide the licensees with the time required to prepare a Field
Development Plan ("FDP") for the redevelopment of the Buchan field,
which is planned for submission to the NSTA during 2024. Following
FDP approval the licence moves into the Third Term, which covers
the development and production phase of activities for the life of
the field.
Following these approvals, the Company has now satisfied the
conditions precedent associated with the farm-out of the 50%
interest in licence P2498 to NEO. In terms of the P2170 licence
assignment to NEO, the Company is in the process of completing the
final outstanding condition precedent. It is anticipated that
completion of both licence assignments will occur in June 2023.
Enquiries :
Jersey Oil and Gas Andrew Benitz C/o Camarco: 020 3757
plc 4980
Strand Hanson Limited James Harris Tel: 020 7409 3494
Matthew Chandler
James Bellman
Zeus Capital Limited Simon Johnson Tel: 020 3829 5000
finnCap Ltd Christopher Raggett Tel: 020 7220 0500
Tim Redfern
Camarco Billy Clegg Tel: 020 3757 4980
Rebecca Waterworth
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
holds a significant acreage position within the Central North Sea
referred to as the Greater Buchan Area, which includes operatorship
and, prior to completion of the announced farm-out to NEO Energy, a
100% working interest in Licence P2498 (Blocks 20/5a, 20/5e and
21/1a) that contains the Buchan oil field and J2 oil discovery and
an 100% working interest in Licence P2170 (Blocks 20/5b &
21/1d) that contains the Verbier oil discovery and other
exploration prospects.
JOG is focused on delivering shareholder value and growth
through creative deal-making, operational success and licensing
rounds. Its management is convinced that opportunity exists within
the UK North Sea to deliver on this strategy and the Company has a
solid track-record of tangible success.
Forward-Looking Statements
This announcement may contain certain forward-looking statements
that are subject to the usual risk factors and uncertainties
associated with an oil and gas business. Whilst the Company
believes the expectations reflected herein to be reasonable in
light of the information available to it at this time, the actual
outcome may be materially different owing to factors beyond the
Company's control or otherwise within the Company's control but
where, for example, the Company decides on a change of plan or
strategy.
All figures quoted in this announcement are in US dollars,
unless stated otherwise.
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 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
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END
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June 07, 2023 02:00 ET (06:00 GMT)
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