Jersey Oil and Gas PLC 32nd Offshore Licensing Round Award (9767X)
September 03 2020 - 5:46AM
UK Regulatory
TIDMJOG
RNS Number : 9767X
Jersey Oil and Gas PLC
03 September 2020
03 September 2020
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
32nd Offshore Licensing Round Award
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 been awarded,
subject to documentation, a 100% working interest in, and
operatorship of, part-block 20/5e in the Oil & Gas Authority's
("OGA's") 32nd Offshore Licensing Round. Part-block 20/5e is
located within JOG's existing Greater Buchan Area ("GBA")
development acreage and contains an extension of the J2 (well
20/05a-10Y) oil discovery.
JOG understands that this part-block will be incorporated within
Licence P2498 (Blocks 20/5a & 21/1a) awarded to JOG in the
OGA's 31st Offshore Supplementary Licensing Round, which contains
the Buchan oil field and the J2 oil discovery and forms the basis
of JOG's proposed GBA development plans.
Andrew Benitz, CEO of Jersey Oil & Gas, commented :
"I am pleased that JOG has been awarded part-block 20/5e, which
represents a further step towards delivering on our strategy of
progressing the proposed future development of the Greater Buchan
Area ."
Enquiries :
Jersey Oil and Gas plc Andrew Benitz, CEO C/o Camarco:
Tel: 020 3757 4983
Strand Hanson Limited James Harris Tel: 020 7409 3494
Matthew Chandler
James Bellman
Arden Partners plc Paul Shackleton Tel: 020 7614 5900
Benjamin Cryer
BMO Capital Markets Limited Jeremy Low Tel: 020 7236 1010
Tom Rider
Camarco Billy Clegg Tel: 020 3757 4983
James Crothers
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 100% working interests in blocks that contain the Buchan oil
field and J2 and Glenn oil discoveries and an 88% working interest
in the P2170 Licence, Blocks 20/5b & 21/1d, that contains the
Verbier oil discovery.
JOG's acreage is estimated by management to contain more than
140 million barrels of oil equivalent ("boe") of discovered mean
recoverable resources net to JOG, in addition to significant
exploration upside potential. 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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END
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