Settlement Agreement entered into with Total E&P

RNS Number : 3449A

Jersey Oil and Gas PLC

28 May 2019

 

28 May 2019

Jersey Oil and Gas plc

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

Settlement Agreement entered into with Total E&P UK Limited

regarding Licence P2032

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 it has agreed terms with Total E&P UK Limited ("TEPUK") in relation to TEPUK's termination of its 2013 farm-in to licence P2032 (Blocks 21/8c, 21/9c, 21/10c, 21/14a and 21/15b). By way of a full and final settlement, JOG will receive £750,000 from TEPUK.

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

"We are pleased to have reached agreement on this legacy issue regarding the farm-out of our former interest in Licence P2032, which was relinquished in 2015."

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 owns an 18% interest in the P2170 licence, Blocks 20/5b & 21/1d, Outer Moray Firth, in which the operator, Equinor UK Limited, owns a 70% interest and CIECO V&C (UK) Limited owns a 12% interest. This licence contains the 2017 Verbier oil discovery.

The Company plans to build an upstream E&P portfolio via both organic development and acquisitions coinciding with the cyclical recovery in the oil price and the opportune buying market in the North Sea. The Company is involved in multiple acquisition opportunities and intends to draw on its management team's considerable experience, knowledge and expertise to deliver shareholder value from its stated growth 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.

 

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