FPSO Update

Jersey Oil and Gas PLC

07 March 2025

 

7 March 2025

Jersey Oil and Gas plc

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

FPSO Update

Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company ‎focused on the UK Continental Shelf region of the North Sea, notes that Dana Petroleum ("Dana") has terminated the agreement with NEO Energy, in relation to the proposed purchase of the Western Isles floating, production, storage and offloading ("FPSO") vessel.  This follows the agreement having reached its longstop date at the end of February 2025, as previously reported. The Buchan Horst ("Buchan") joint venture's ability to recommit to the acquisition of the FPSO is naturally linked to the satisfactory conclusion of the on-going fiscal and regulatory consultations and completion of the required pre-handover works on the vessel.

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

"The route to unlocking the Buchan development continues to depend on achieving satisfactory conclusions in respect of the on-going fiscal and regulatory consultations.  The fiscal consultation was kicked off yesterday and encouragingly, while the details are yet to be fleshed out, it was apparent that the government has heard many of the concerns of the industry."

Enquiries:

Jersey Oil and Gas plc	Andrew Benitz	c/o Camarco: 020 3757 4980
Strand Hanson Limited	James Harris Matthew Chandler James Bellman	Tel: [phone]
Zeus Capital Limited	Simon Johnson	Tel: [phone]
Cavendish Capital Markets Limited	Neil McDonald	Tel: [phone]
Camarco	Billy Clegg Rebecca Waterworth	Tel: [phone]

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Notes to Editors:

Jersey Oil & Gas (AIM:JOG) is a UK energy company focused on creating shareholder value through the development of oil and gas assets and the execution of accretive transactions. 

The Company has a focused asset portfolio centred on developing homegrown North Sea resources that support the UK's energy requirements as it transitions towards net zero.  JOG holds a 20% interest in each of licences P2498 (Blocks 20/5a, 20/5e and 21/1a) and P2170 (Blocks 20/5b and 21/1d) located in the UK Central North Sea and referred to as the "Greater Buchan Area" ("GBA").  Licence P2498 contains the Buchan Horst ("Buchan") oil field and J2 oil discovery and licence P2170 contains the Verbier oil discovery.

JOG's strategy is focused on unlocking the organic value of its GBA assets, combined with the pursuit of asset acquisitions that bring cash flow, diversity and quality investment opportunities into the portfolio.  The Company's Board and Executive team have a wealth of experience in managing and growing publicly listed energy companies and a strong track-record of value creation in the UK North Sea oil and gas sector.

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.

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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