TIDMJOG
RNS Number : 0627P
Jersey Oil and Gas PLC
08 October 2019
8 October 2019
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Competent Person's Report for core Greater Buchan Area
resources
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 an independent
assessment of resource and valuation estimates in relation to
certain oil and gas interests held by Company in the Greater Buchan
Area, has been completed by Rockflow Resources Ltd ("Rockflow").
These assets include the previously produced Buchan Devonian oil
field, the J2 and Buchan Andrew oil discoveries and the Capri
prospect.
Highlights
-- Technically Recoverable Oil Resource Volumes of 94.7 MMstb net to JOG
-- Mid case Contingent Resource valuation (NPV10) of P2498
together with a valuation of JOG's 18% share of the Verbier
discovery: GBP791 million
The tables below provide key extracted information from
Rockflow's cover letter to the CPR, which is included in full
below.
Technically Recoverable Oil Resource Volumes for P2498
Technically Recoverable Oil Resource Volumes Net Attributable JOG (MMstb)
Asset Low Mid High
---------- --------- ----------
Buchan Devonian oil field 58.5 81.2 99.3
---------- --------- ----------
Buchan Andrew oil discovery 1.5 3.0 5.1
---------- --------- ----------
J2 Sgiath oil discovery 6.0 11.9 24.3
---------- --------- ----------
Probabilistic Total for Licence P2498 71.3 94.7 114.4
---------- --------- ----------
Note: The total is a probabilistic sum (and hence will not sum
arithmetically) of the contributing assets as development is to be
through a single project. This is consistent with SPE-PRMS
recommendations on aggregation (PRMS section 4.2.5).
SENSITIVITY OF NPV TO OIL AND GAS PRICE OF THE MID VOLUMETRIC
ESTIMATE for P2498 and P2170 assets
AS AT 30th September 2019
Gross Net Attributable JOG
Parameter Low Price Mid Price High Price Low Price Mid Price High Price
Scenario Scenario Scenario Scenario Scenario Scenario
---------- ---------- ----------- ---------- ---------- -----------
Oil Price ($/bbl) 50.00 62.50 75.00 50.00 62.50 75.00
---------- ---------- ----------- ---------- ---------- -----------
Gas Price ($/MMbtu) 4.80 6.00 7.20 4.80 6.00 7.20
---------- ---------- ----------- ---------- ---------- -----------
Post-tax NPV P2498 Licence
(GBP Millions) 495 762 1019 489 757 1010
---------- ---------- ----------- ---------- ---------- -----------
Post-tax NPV P2170 Licence
(GBP Millions) 123 183 243 22.2 33.4 44.3
---------- ---------- ----------- ---------- ---------- -----------
Post-tax NPV Both Licences
(GBP Millions) 618 945 1262 511 791 1054
---------- ---------- ----------- ---------- ---------- -----------
Post-tax NPV Both Licences
(US$ Millions) 773 1,181 1,578 639 989 1,318
---------- ---------- ----------- ---------- ---------- -----------
Note: US$/GBP FX rate: 1.25
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"We are very pleased to provide the key findings of the
independent Competent Person's Report, which confirm Technically
Recoverable Oil Resource Volumes of 94.7 MMstb. Together with JOG's
18% share of the Verbier discovery, this gives a total of nearly
100MMstb net to JOG and provides a contingent resource valuation
(NPV10) of nearly US$1 billion net to JOG for Buchan, the J2
discovery, Buchan Andrew and the Company's share of Verbier in the
adjacent licence. This independent valuation supports the
significant value proposition for developing the base case
discovered volumes that JOG owns within its core Greater Buchan
Area assets."
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
Full cover letter to CPR produced by Rockflow:
The Directors, The Directors,
Jersey Oil & Gas plc, Nominated Adviser to Jersey Oil and
Gas plc,
9 The Esplanade, Strand Hanson Limited,
St Helier, Jersey, 26 Mount Row,
Channel Islands. London W1K 3SQ.
7(th) October 2019
Dear Sirs
Competent Person's Report on Licence P2498 (Blocks 20/5a &
21/1a), Greater Buchan Area, UKCS
Jersey Oil & Gas plc (JOG) has engaged Rockflow Resources
Ltd (Rockflow) to assess certain oil and gas interests licensed by
JOG. These assets include the previously produced Buchan Devonian
oil field, the J2 (well 20/05a-10Y) Sgiath and Buchan Andrew oil
discoveries and the Capri Prospect. The Effective Date of this
assessment is 30(th) September 2019.
JOG is listed on the AIM Market of the London Stock
Exchange.
The assessment was undertaken by a team of Rockflow professional
petroleum engineers and geoscientists based on data supplied by
JOG. Rockflow has relied on the completeness and accuracy of the
data supplied by JOG. The data comprised details of licence
interests, seismic and well data, technical interpretations,
reports and presentations. Rockflow has exercised due diligence and
independent analysis where appropriate on all technical information
supplied by JOG. Rockflow is not aware of any omission which may
materially affect the conclusions of this CPR.
No site visits were undertaken. Rockflow are not in a position
to comment on any aspect of health, safety or environment of the
assets.
The Resources reported in this document are in accordance with
the definitions of the Petroleum Resources Management System (PRMS)
approved and updated in June 2018 by the Society of Petroleum
Engineers (SPE), the World Petroleum Council (WPC), the American
Association of Petroleum Geologists (AAPG), the Society of
Petroleum Evaluation Engineers (SPEE), the Society of Exploration
Geophysicists (SEG), the Society of Petrophysicists and Well Log
Analysts (SPWLA) and the European Association of Geoscientists
& Engineers (EAGE).
There are numerous uncertainties inherent in the estimation of
reserves and resources. The process of estimating resource volumes
is a subjective assessment and cannot be measured directly in an
exact way. Estimates carried out by third parties may differ from
the estimates presented here. The accuracy of any estimate is
subject to the quantity and quality of available data, as well as
the geological and engineering interpretation. Results from
drilling, testing and production that post-date the preparation of
this report may lead to revisions, some, or all, of which may be
material. As a result, estimates are often different from the
quantities of oil and gas actually recovered, and the timing and
cost of those volumes that are recovered may differ from that
assumed.
Reserves are those volumes of petroleum that may be recovered by
the application of development projects to known accumulations from
a given date under defined conditions. Reserves must be discovered,
recoverable, commercial and remaining. Reserve estimates of the
recoverable oil as of a given date (the Effective Date) may be
assigned to certain categories as 1P (Proved), 2P (Proved plus
Probable), and 3P (Proved plus Probable plus Possible) Reserves.
Reserves may be further divided into various sub-classes, based on
the project maturity, development status or production status. All
categories of Reserves have been subjected to an Economic Limit
Test (pre-tax and before any depreciation allowance) prior to any
Net Present Value (NPV) analysis.
Contingent Resources are those volumes of petroleum that may
recovered by the application of potential development projects
which are subject to one or more contingencies. Contingent
Resources may be assigned to a property where there may be, for
example, no viable means of production, or to a property where a
certain technology is under development, or where a property may be
marginally economic under current assumptions, or where an external
condition must be satisfied. Contingent Resources can be
categorised as Low (1C), Mid (2C) and High (3C) estimates.
Contingent Resources may be further divided into various
sub-classes, based on the project maturity and/or economic
status.
By their very nature, Contingent Resources are less certain to
be produced than Reserves, due to technical and/or commercial
uncertainties. There is no certainty that any part of the
Contingent Resources will be developed.
Prospective Resources are those volumes of petroleum that may
recovered from undiscovered accumulations by potential future
development projects. Prospective Resources have both an associated
Geological Chance of Success (GCoS) that estimates the likelihood
of the presence of hydrocarbons, as well as a Chance of Development
(CoD). Prospective Resources can be categorised as Low (1U), Mid
(2U) and High (3U) estimates, and can be further sub-divided into
various sub-classes.
There is no certainty that any part of the Prospective Resources
will be developed. If a prospect is drilled, and demonstrates the
presence of hydrocarbons, it may then be re-classified as
Contingent Resources. The property would then need to be reassessed
as to its status and chance of development before any decision can
be made as to the likelihood of a potential development project,
and whether such a development would be economically and
technically viable.
Volumes of oil are quoted in this report at stock tank
conditions. Volumes of natural gas quoted herein are volumes of
sales gas, after an allowance for fuel gas and process shrinkage.
Standard conditions are 60 Fahrenheit and 14.696 psia.
It should be noted that any NPV calculation carried out by
Rockflow is not an estimate of the market value of the property.
Any such market evaluation would have to consider the risks to the
potentially recoverable volumes, any potential for further upside,
and geo-political risk, and the state of the market at the time, as
well as other factors. Rockflow has not considered any of these
risks in assessing the NPV of the properties listed herein.
TABLE A
ASSET SUMMARY TABLE
Asset Operator JOG Interest Status Licence Expiry Licence
Area
29(th) August
Licence P2498 JOG 100% Extant 2041 174.4 km(2)
---------- ------------- ------- --------------- ------------
Notes:
1. The P2498 licence has been awarded on a "straight to second term basis".
2. Rockflow has a reasonable expectation that the licence would
be renewed in 2041, provided that there is ongoing
operation/production activity based on similar agreements in the
UKCS.
TABLE B
SUMMARY OF GROSS AND NET OIL CONTINGENT RESOURCES AS AT 30(th)
September 2019
Contingent Oil Resources Gross (MMstb) Net Attributable JOG (MMstb) CoD
Asset Low Mid High
(1C) (2C) (3C) Low (1C) Mid (2C) High (3C)
------ ------ ------ ---------- --------- ---------- ----
Contingent Resources (Development Pending)
Buchan Devonian field 45.0 70.5 96.9 45.0 70.5 96.9 70%
------ ------ ------ ---------- --------- ---------- ----
Buchan Andrew discovery 1.5 3 5.1 1.5 3 5.1
------ ------ ------ ---------- --------- ---------- ----
J2 Sgiath discovery 6.2 12.3 25.1 6.0 11.9 24.3
------ ------ ------ ---------- --------- ----------
Total for Licence P2498 58.0 84.4 112.3 57.8 84.0 112.0
------ ------ ------ ---------- --------- ---------- ----
Contingent Resources (Unclarified)
Buchan Devonian field 13.5 10.7 2.4 13.5 10.7 2.4 50%
------ ------ ------ ---------- --------- ---------- ----
Buchan Andrew discovery 0.0 0.0 0.0 0.0 0.0 0.0 N/A
------ ------ ------ ---------- --------- ---------- ----
J2 Sgiath discovery 0.0 0.0 0.0 0.0 0.0 0.0 N/A
------ ------ ------ ---------- --------- ---------- ----
Total for Licence P2498 13.5 10.7 2.4 13.5 10.7 2.4 50%
------ ------ ------ ---------- --------- ---------- ----
Total Contingent Resources (All sub-classes)
Buchan Devonian field 58.5 81.2 99.3 58.5 81.2 99.3
------ ------ ------ ---------- --------- ---------- ----
Buchan Andrew discovery 1.5 3.0 5.1 1.5 3.0 5.1
------ ------ ------ ---------- --------- ---------- ----
J2 Sgiath discovery 6.2 12.3 25.1 6.0 11.9 24.3
------ ------ ------ ---------- --------- ----------
Total for Licence P2498 71.5 95.1 114.7 71.3 94.7 114.4
------ ------ ------ ---------- --------- ---------- ----
Notes:
1. The CoD (Chance of Development) indicates the probability
that the full field development will be undertaken.
2. Net attributable is based on JOG working interest of 100%
(Buchan Devonian field and Buchan Andrew discovery) and 97% (J2
Sgiath)
3. There is a single project currently proposed which will
jointly develop the Buchan Devonian field, the Buchan Andrew
discovery and the J2 Sgiath discovery.
4. The Buchan Area project is currently in the "Concept Select"
phase. The Contingent Resources would be classified as "Development
Pending" under SPE-PRMS 2018 definitions.
5. The total is a probabilistic sum of the contributing assets
as development is to be through a single project. This is
consistent with SPE-PRMS recommendations on aggregation (PRMS
section 4.2.5).
6. The Total Contingent Resources (All sub-classes) include all
Technically Recoverable Resource Volumes, without any economic cut
off applied.
7. The Contingent Resources (Development Pending) have passed an
Economic Limit Test, with mid oil-price assumptions.
8. The Contingent Resources (Unclarified) have not passed an
economic limit test with the proposed project, but may be
recoverable via additional projects.
9. The Contingent Resources (Unclarified) are the difference
between the Technically Recoverable Volumes and the Contingent
Resources (Development Pending), and results in "low" estimates
which are greater than the "high" estimates.
10. The valuation has been based on the Contingent Resources
(Development Pending), only.
TABLE C
SUMMARY OF GROSS AND NET GAS CONTINGENT RESOURCES AS AT 30(th)
September 2019
Contingent Gas Resources Gross (bcf) Net Attributable JOG (bcf) CoD
Asset Low Mid High Low Mid High
(1C) (2C) (3C) (1C) (2C) (3C)
------ ------ ------ --------- --------- --------- ----
Buchan Devonian field 2.3 6.6 8.9 2.3 6.6 8.9 70%
------ ------ ------ --------- --------- --------- ----
Buchan Andrew discovery 0.3 0.4 0.6 0.3 0.4 0.6
------ ------ ------ --------- --------- --------- ----
J2 Sgiath discovery 3.0 5.7 10.6 3.0 5.5 10.3
------ ------ ------ --------- --------- ---------
Total for Licence P2498 6.6 12.6 17.8 6.5 12.5 17.4
------ ------ ------ --------- --------- --------- ----
Notes:
1. The CoD (Chance of Development) indicates the probability
that the full field development will be undertaken.
2. Rockflow has excluded any gas volumes which are Consumed in Operations.
3. Net attributable is based on JOG working interest of 100%
(Buchan Devonian field and Buchan Andrew discovery) and 97% (J2
Sgiath)
4. There is a single project currently proposed which will
jointly develop the Buchan Devonian field, the Buchan Andrew
discovery and the J2 Sgiath discovery.
5. The Buchan Area project is currently in the "Concept Select"
phase. The Contingent Resources would be classified as "Development
Pending" under SPE-PRMS 2018 definitions.
6. The total is a probabilistic sum of the contributing assets
as development is to be through a single project. This is
consistent with SPE-PRMS recommendations on aggregation (PRMS
section 4.2.5).
TABLE D
SUMMARY OF GROSS AND NET OIL PROSPECTIVE RESOURCES AS AT 30(th)
September 2019
Prospective Oil Gross (MMstb) Net Attributable JOG
Resources (MMstb)
Block Prospect Low (1U) Best High Low (1U) Best High GCoS
(2U) (3U) (2U) (3U)
21/1a
& 21/1d Capri 2.73 11.8 34.5 1.68 7.28 21.29 0.19
----------
Notes:
1. The Geological Chance of Success ("GCoS") reported here
represents the estimate of the probability that the drilling of
this prospect would result in a discovery, which would permit the
re-categorisation of that volume as Contingent Resources.
2. Net attributable is based on JOG working interest of 68.61%.
TABLE E
SUMMARY OF GROSS AND NET GAS PROSPECTIVE RESOURCES AS AT 30(th)
September 2019
Prospective Gas Gross (bcf) Net Attributable JOG
Resources (bcf)
Block Prospect Low (1U) Best High Low (1U) Best High GCoS
(2U) (3U) (2U) (3U)
21/1a
& 21/1d Capri 2.05 15.3 51.8 1.27 9.44 31.97 0.19
----------
Notes:
1. The Geological Chance of Success ("GCoS") reported here
represents the estimate of the probability that the drilling of
this prospect would result in a discovery, which would permit the
re-categorisation of that volume as Contingent Resources.
2. Net attributable is based on JOG working interest of 68.61%.
An economic valuation of the Buchan Area project was undertaken
and the mid case price scenario results are given below:
TABLE F
CONTINGENT RESOURCE VALUATION AT THE MID CASE ($62.50/bbl AND
$6.00/MMbtu) REFERENCE PRICES for P2498 assets AS AT 30(th)
September 2019
Gross NPV(10) GBP millions Net Attributable JOG
NPV(10) GBP millions
Asset Low Mid High Low Mid High
--------- --------- --------- -------- ------- -------
Buchan Devonian field 240 589 738 240 589 738
--------- --------- --------- -------- ------- -------
Buchan Andrew discovery 15.1 29.1 47.4 15.1 29.1 47.4
--------- --------- --------- -------- ------- -------
J2 Sgiath discovery 61.3 151 310 59.5 146 301
--------- --------- --------- -------- ------- -------
Total for Licence P2498 364 762 944 362 757 936
--------- --------- --------- -------- ------- -------
Notes:
1. The NPV valuation should not be considered as an estimate for
the market value of the property.
2. Net attributable is based on JOG working interest of 100%
(Buchan Devonian field and Buchan Andrew discovery) and 97% (J2
Sgiath).
3. The valuation is a post-tax valuation.
4. This valuation includes tariff income from the tie-back of
the Verbier field, in which JOG has a working interest of 18%.
5. The production profile for the Verbier field has been
received from the operator (Equinor) through JOG. The resource
volumes (22.9 MMstb of oil and 11.4 bcf of gas) for Verbier have
not been independently assessed by Rockflow.
6. There is a single project currently proposed which will
jointly develop the Buchan Devonian field, the Buchan Andrew
discovery and the J2 Sgiath discovery.
7. The Buchan Area project is currently in the "Concept Select"
phase. The Contingent Resources would be classified as "Development
Pending" under SPE-PRMS 2018 definitions.
8. The total is a probabilistic sum of the contributing assets
as development is to be through a single project. This is
consistent with SPE-PRMS recommendations on aggregation (PRMS
section 4.2.5).
TABLE G
CONTINGENT RESOURCE VALUATION AT THE MID CASE ($62.50/bbl AND
$6.00/MMbtu) REFERENCE PRICES for P2498 and P2170 assets AS AT
30(th) September 2019
Gross NPV(10) GBP millions Net Attributable JOG
NPV(10) GBP millions
Asset Low Mid High Low Mid High
--------- -------- ---------- ------- ------- --------
Total for Licence P2498 364 762 944 362 757 936
--------- -------- ---------- ------- ------- --------
Verbier field (P2170) 183 33.4
------------------------------- --------------------------
Total for Licences P2498 & P2170 547 945 1126 395 791 969
--------- -------- ---------- ------- ------- --------
Notes:
1. The NPV valuation should not be considered as an estimate for
the market value of the property.
2. Net attributable is based on JOG working interest of 100%
(Buchan Devonian field and Buchan Andrew discovery) and 97% (J2
Sgiath).
3. The valuation is a post-tax valuation.
4. The production profile for the Verbier field has been
received from the operator (Equinor) through JOG. The resource
volumes (22.9 MMstb of oil and 11.4 bcf of gas) for Verbier have
not been independently assessed by Rockflow.
5. The Buchan Area project is currently in the "Concept Select"
phase. The Contingent Resources would be classified as "Development
Pending" under SPE-PRMS 2018 definitions.
6. The Verbier field, with its different licence interests will
be subject to a separate, incremental investment decision. It has
been considered as a subsea tie-back to the Buchan Area
project.
TABLE H
SENSITIVITY TO NPV OF THE BEST ESTIMATE TO OIL AND GAS PRICE for
P2498 and P2170 assets
AS AT 30th September 2019
Gross Net Attributable JOG
Parameter Low Price Mid Price High Low Price Mid Price High
Scenario Scenario Price Scenario Scenario Price
Scenario Scenario
---------- ---------- ---------- --------------------- ---------- ----------
Oil Price ($/bbl) 50.00 62.50 75.00 50.00 62.50 75.00
---------- ---------- ---------- --------------------- ---------- ----------
Gas Price ($/MMbtu) 4.80 6.00 7.20 4.80 6.00 7.20
---------- ---------- ---------- --------------------- ---------- ----------
Post-tax NPV P2498
Licence
(GBP Millions) 495 762 1019 489 757 1010
---------- ---------- ---------- --------------------- ---------- ----------
Post-tax NPV P2170
Licence
(GBP Millions) 123 183 243 22.2 33.4 44.3
---------- ---------- ---------- --------------------- ---------- ----------
Post-tax NPV Both
Licences
(GBP Millions) 618 945 1262 511 791 1054
---------- ---------- ---------- --------------------- ---------- ----------
Notes:
1. The NPV valuation should not be considered as an estimate for
the market value of the property.
2. The valuation is a post-tax valuation.
3. Oil and gas prices are stated in real terms as at January
2020. Prices, and costs have been inflated at 2% p.a.
thereafter.
4. The valuation for the P2498 Licence includes the Buchan
Devonian field, the Buchan Andrew discovery and the J2 Sgiath
discovery. All valuations are based on the P50 estimate of
Contingent Resources (Development Pending).
5. The valuation for the P2170 Licence includes the Verbier
field as an incremental project to the P2498 Licence Buchan Area
Project. The resource volumes for Verbier have not been
independently assessed by Rockflow.
6. The total for both licences is an arithmetic sum.
7. Net attributable is based on JOG working interest of 100%
(Buchan Devonian field and Buchan Andrew discovery), 97% (J2
Sgiath) and 18% (Verbier field).
Qualifications
Rockflow is an independent consultancy specialising in petroleum
reservoir evaluation and economic analysis. Except for the
provision of professional services on a fee basis, Rockflow does
not have a commercial arrangement with any other person or company
involved in the interests that are the subject of this report.
Rockflow staff have no interest in any assets or share capital of
JOG or in the promotion of JOG. Rockflow's remuneration was not in
any way contingent on reported estimates.
In estimating Petroleum Resources, Rockflow has used standard
petroleum engineering techniques. These estimates are made in
accordance with the definitions and guidelines of the Petroleum
Resources Management System (PRMS) approved in June 2018 by the
Society of Petroleum Engineers (SPE) et al.
In accordance with the guidelines of the London Stock Exchange,
the technical information contained in this announcement has been
reviewed and approved by Tom Gunningham, a chartered petroleum
engineer and Reserves auditor for Rockflow, who has over 30 years
industry experience and meets the criteria of a qualified person
under the AIM guidance note (2009) for mining and oil and gas
companies. Rockflow has conducted valuations for many energy
companies and financial institutions.
Basis of Opinion
The evaluation presented in this report reflects Rockflow's
informed judgement based on accepted standards of professional
investigation and Rockflow's understanding of petroleum
legislation, taxation and the regulations that apply to the
properties but is subject to generally recognised uncertainties
associated with the interpretation of geological, geophysical and
subsurface reservoir data.
Rockflow has not made any field examination of the properties.
No consideration was given in this report to potential
environmental liabilities that may exist nor were any costs
included for potential liabilities to restore and clean up damages,
if any, caused by past operating practices.
It should be understood that any evaluation of hydrocarbon
volumes and associated NPVs, particularly one involving exploration
and future petroleum developments, may be subject to significant
variations over short periods of time as new information becomes
available. Rockflow does not warrant that the opinions expressed
here will be any form of guarantee of the outcome.
Yours faithfully,
Tom Gunningham MA(Oxon) CEng MEI,
Chief Reservoir Engineer,
Rockflow Resources Ltd
Qualified Person's Statement:
The information contained in this announcement has been reviewed
and approved by Ronald Lansdell, Chief Operating Officer of Jersey
Oil & Gas, a qualified Geologist and Fellow of the Geological
Society, who has over 40 years' relevant experience within the
sector.
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, as well as an 18% working
interest in the P2170 licence, Blocks 20/5b & 21/1d, operated
by Equinor UK Limited ("Equinor") that contains the Verbier oil
discovery.
JOG's acreage is estimated by management to contain more than
120 million barrels of oil equivalent ("mmboe") of discovered mean
recoverable resources net to JOG, in addition to significant
exploration upside potential. JOG is currently progressing the
appraise and select phases of a Field Development Plan ("FDP") for
the Greater Buchan Area, with first oil, subject to funding,
targeted for 2024.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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