Execution of 32nd Offshore Licensing Round Award

RNS Number : 6939O

Jersey Oil and Gas PLC

11 February 2021

 

11 February 2021

Jersey Oil and Gas plc

("Jersey Oil & Gas", "JOG" or the "Company")

Execution of 32nd Offshore Licensing Round Award - Block 20/5e

Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company ‎focused on the UK Continental Shelf ("UKCS") region of the North Sea, is pleased to announce that, further to its announcement of 3 September 2020, the Oil and Gas Authority ("OGA") has confirmed that the Merged Licence P2498 awarded to JOG in the 32^nd Offshore Licensing Round was executed on the 10^th February 2021.

Part block 20/5e is located within JOG's Greater Buchan Area ("GBA") development acreage and contains an extension of the J2 (well 20/05a-10Y) oil discovery.

This part block has been incorporated within Licence P2498 (Blocks 20/5a & 21/1a) awarded to JOG in the OGA's 31^st Offshore Supplementary Licensing Round that contains the Buchan oil field and the J2 oil discovery and form the basis of JOG's GBA Core development.

Andrew Benitz, CEO of Jersey Oil & Gas, commented :

"I am pleased that the award of part block 20/5e has now been formalised. This represents a further step in delivering on our strategy of acquiring a controlling interest in the acreage that forms the Greater Buchan Area ." 

Enquiries :

Jersey Oil and Gas plc	Andrew Benitz, CEO	C/o Camarco: Tel: [phone]
Strand Hanson Limited	James Harris Matthew Chandler James Bellman	Tel: [phone]
Arden Partners plc	Paul Shackleton Benjamin Cryer	Tel: [phone]
BMO Capital Markets Limited	Jeremy Low Tom Rider	Tel: [phone]
Camarco	Billy Clegg James Crothers	Tel: [phone]

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 ("GBA"), which includes operatorship and 100% working interests in blocks that contain the Buchan oil field and J2 and Glenn oil discoveries and an 100% working interest in the P2170 Licence Blocks 20/5b & 21/1d  (subject to OGA approval of the acquisition of CIECO V&C UK Limited as announced on 26 November 2020), that contain the Verbier oil discovery and other exploration prospects.

JOG's total GBA acreage is estimated by management to contain more than 180 million barrels of oil equivalent ("mmboe") of discovered P50 recoverable resources net to JOG, in addition to significant exploration upside potential of more than 220 mmboe of prospective resources in close proximity to our planned Buchan platform.  JOG is currently progressing the Concept Select phase of an FDP for the Greater Buchan Area.

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.

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.

 

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