TIDMJOG
RNS Number : 4758V
Jersey Oil and Gas PLC
14 April 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE
RELEVANT SECURITIES LAWS OF SUCH JURISDICTION .
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
ITSELF CONSTITUTE A PROSPECTUS OR OFFERING MEMORANDUM OR AN OFFER
FOR SALE OR SUBSCRIPTION IN RESPECT OF ANY SECURITIES IN THE
COMPANY . THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY
INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY
PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY
SECURITIES OF JERSEY OIL AND GAS PLC IN ANY JURISDICTION IN WHICH
ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.
14 April 2021
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Result of General Meeting
Result of Offer, Completion of Fundraising and Issue of
Equity
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 the resolutions proposed
at its General Meeting held earlier today, as set out in the formal
Notice of General Meeting dated 29 March 2021, were all duly
approved by Shareholders.
The Offer, announced as part of the Fundraising on 17 March
2021, closed for applications on 12 April 2021 and the Company is
pleased to announce that valid applications were received from
Qualifying Participants in respect of, in aggregate, 974,157 Offer
Shares, representing approximately 80.36 per cent. of the Offer
Maximum. Qualifying Participants that made valid applications will
therefore be allocated all of the Offer Shares that they applied
for.
Accordingly, pursuant to the Placing, Subscription and Offer
announced on 17 March 2021 and further to the abovementioned
passing of all of the requisite resolutions at the Company's
General Meeting held earlier today, the Company is issuing
9,054,548 new Ordinary Shares pursuant to the Placing, 36,361 new
Ordinary Shares pursuant to the Subscription and 974,157 new
Ordinary Shares pursuant to the Offer at a price of 165 pence per
share. The Company has therefore raised total gross proceeds from
the Fundraising of approximately GBP16.61 million.
Application has been made for admission of the 9,054,548 Placing
Shares, 36,361 Subscription Shares and 974,157 Offer Shares to
trading on the AIM market of the London Stock Exchange, which is
expected to become effective, and dealings commence at 8.00 a.m. on
15 April 2021 ("Admission"). Following Admission, the Company's
enlarged share capital will comprise 31,894,293 Ordinary Shares,
with voting rights. The Company does not hold any Ordinary Shares
in treasury. Therefore, the total number of Ordinary Shares in the
Company with voting rights will be 31,894,293 Ordinary Shares and
Shareholders may use this figure as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or change to their interest in, the share
capital of the Company under the FCA's Disclosure Guidance and
Transparency Rules.
Andrew Benitz, CEO of Jersey Oil & Gas, commented :
"Completion of this fundraise is a key milestone for Jersey Oil
& Gas; positioning us strongly as we move ahead with our farm
out process, whilst affording us the capability to continue to
progress the Greater Buchan Area development project at the rapid
pace we have achieved so far.
"I would like to thank shareholders for their support as part of
this process and look forward to achieving further milestones as we
progress this landmark project."
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
Capitalised terms used in this announcement shall have the same
meanings as the definitions set out in the Company's announcements
of 17 March 2021 and in the Circular.
Important Information
Arden Partners plc, which is authorised and regulated by the FCA
in the United Kingdom, is acting as bookrunner and Joint Broker to
the Company in connection with the Placing. Arden Partners plc will
not be responsible to any person other than the Company for
providing the protections afforded to clients of Arden Partners plc
or for providing advice to any other person in connection with the
Placing or any acquisition of shares in the Company. Arden Partners
plc is not making any representation or warranty, express or
implied, as to the contents of this announcement. Arden Partners
plc has not authorised the contents of, or any part of, this
announcement, and no liability whatsoever is accepted by Arden
Partners plc for the accuracy of any information or opinions
contained in this announcement or for the omission of any material
information.
finnCap Ltd, which is authorised and regulated by the FCA in the
United Kingdom, is acting as Joint Broker to the Company in
connection with the Placing. finnCap Ltd will not be responsible to
any person other than the Company for providing the protections
afforded to clients of finnCap Ltd or for providing advice to any
other person in connection with the Placing or any acquisition of
shares in the Company. finnCap Ltd is not making any representation
or warranty, express or implied, as to the contents of this
announcement. finnCap Ltd has not authorised the contents of, or
any part of, this announcement, and no liability whatsoever is
accepted by finnCap Ltd for the accuracy of any information or
opinions contained in this announcement or for the omission of any
material information.
Strand Hanson Limited, which is authorised and regulated by the
FCA in the United Kingdom, is acting as nominated adviser to the
Company for the purposes of the AIM Rules in connection with the
Fundraising and, as nominated adviser, its responsibilities are
owed solely to the London Stock Exchange and are not owed to the
Company or its Directors or to any other person or entity. Strand
Hanson Limited will not be responsible to any person other than the
Company for providing the protections afforded to clients of Strand
Hanson Limited or for providing advice to any other person in
connection with the Fundraising or any acquisition of shares in the
Company. Strand Hanson Limited is not making any representation or
warranty, express or implied, as to the contents of this
announcement. Strand Hanson Limited has not authorised the contents
of, or any part of, this announcement, and no liability whatsoever
is accepted by Strand Hanson Limited for the accuracy of any
information or opinions contained in this announcement or for the
omission of any material information.
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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END
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