Result of Annual General Meeting

RNS Number : 4259Z

Jersey Oil and Gas PLC

26 May 2016

 

26 May 2016

Jersey Oil and Gas plc

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

Result of Annual General Meeting and Updated Corporate Presentation

Jersey Oil & Gas (AIM: JOG), an independent oil and gas company which is pursuing an acquisition-led strategy in the UK Continental Shelf region of the North Sea, announces that the resolutions proposed at its Annual General Meeting ("AGM") held earlier today, as set out in the formal Notice of Annual General Meeting dated 29 April 2016, were all duly approved by shareholders.

At the AGM, an updated corporate presentation was delivered by the Company's Chief Executive Officer, Mr Andrew Benitz, which is available to download on the Company's website at www.jerseyoilandgas.com.

The presentation highlights, inter alia, work currently being undertaken by the Company to seek to secure a farm-out partner(s) for its promising Cortina asset (Licence P.2170, Blocks 20/5b & 21/1d) located in a prolific hydrocarbon fairway where two main medium risk prospects with combined mean STOIIP in excess of 500 Mmbbls have been identified.  Keeping in mind  the inherent associated risk with exploration, management's valuation analysis on an unaudited P50 gross recoverable resource of 117 Mmbbls indicates a potential gross NPV10 value for the field of  £435m. Depending on the group's level of retained interest post completion of any such farm-out transaction, and assuming successful future drilling activity leading to a development, the field could have material future potential upside value to the Company.

**ENDS**

Enquiries:

Jersey Oil & Gas plc	Andrew Benitz, CEO	C/o Camarco: Tel:  [phone]
Strand Hanson Limited	James Harris Matthew Chandler	Tel:  [phone]
FirstEnergy Capital LLP	Hugh Sanderson David van Erp	Tel:  [phone]
Camarco	Billy Clegg Georgia Mann	Tel:  [phone]

 

END

 

 

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