Jersey Oil and Gas PLC Completion of the acquisition of CIECO V&C (UK) (5948U)
April 07 2021 - 1:00AM
UK Regulatory
TIDMJOG
RNS Number : 5948U
Jersey Oil and Gas PLC
07 April 2021
7 April 2021
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Completion of the acquisition of CIECO V&C (UK) Limited
and Appointment of Joint Broker
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 now completed its
acquisition of the entire issued share capital of CIECO V&C
(UK) Limited ("CIECO V&C"), owned by ITOCHU Corporation
("ITOCHU") and Japan Oil, Gas and Metals National Corporation
("JOGMEC") (the "Acquisition"). As previously announced on 26
November 2020, the consideration for the acquisition consists of a
completion payment of GBP150,000 and two contingent payments based
on the UK's Oil & Gas Authority's consent for a Field
Development Plan and the potential future development and
production of oil volumes from the Verbier discovery in the Upper
Jurassic (J62-J64) Burns Sandstone reservoir located on Licence
P2170 (Blocks 20/5b and 21/1d) ("Licence P2170") .
The Acquisition provides JOG with an opportunity to create
significant value through potentially developing the Verbier
discovery as part of its planned Greater Buchan Area ("GBA") hub.
Licence P2170 also benefits from multiple material exploration
prospects that have high value potential through tie-backs to the
proposed new GBA hub.
In addition, the Company is also pleased to announce that
finnCap Ltd has been appointed as its Joint Broker with immediate
effect.
Andrew Benitz, CEO of Jersey Oil & Gas, commented :
"I am pleased to announce the completion of our acquisition of
CIECO V&C, which adds the final component part of the GBA to
our existing portfolio. This is an important acquisition for our
recently launched farm-out process in respect of our GBA
development project and increases JOG's discovered resources, adds
material value and exploration upside in addition to useful tax
losses that accompany the corporate acquisition."
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
finnCap Ltd Christopher Raggett Tel: 020 7220 0500
Tim Redfern
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 ("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,
that contain the Verbier oil discovery and other exploration
prospects.
JOG's total GBA acreage is estimated by management to contain
190 million barrels of oil equivalent ("mmboe") of discovered P50
recoverable resources net to JOG, in addition to significant
exploration upside potential of approximately 220 mmboe of
prospective resources in close proximity to the Company's planned
Buchan platform. JOG has recently concluded the Concept Select
phase of an FDP for the Greater Buchan Area and plans to progress
into Front End Engineering and Design (FEED) later this year.
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 as it forms part of
United Kingdom domestic law by virtue of the European (Withdrawal)
Act 2018.
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