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UK: Jersey Oil and Gas announces interim results

29 Sep 2020

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AIM-listed Jersey Oil & Gas, an independent upstream oil and gas company ‎focused on the UK Continental Shelf ('UKCS') region of the North Sea, has announced its interim results for the six months ended 30 June 2020.


  • Significant progress made in respect of the Concept Select work for the Company's flagship Greater Buchan Area ('GBA') development project
    • Preferred development concept selected
    • New production facility planned at the Buchan field location
    • Proposed platform will be designed to accommodate fluids from neighbouring field developments via subsea tie-backs
    • Export of potential future oil and gas production will be via subsea pipeline to existing neighbouring infrastructure
  • Enhanced subsurface understanding
    • P50 technically recoverable 2C resources of more than 138 million stock tank barrels ('MMstb')
    • P50 prospective resources of over 200 MMstb
    • Buchan oil field dynamically modelled and history-matched to 36 years of production data
    • Volumes assessed using latest Petroleum Geo-Services ('PGS') 3D seismic data
  • Significant exploration portfolio
    • 4 drill-ready exploration prospects with combined P50 prospective resources of 196 MMstb, in close proximity to the planned Buchan hub
  • Consolidating ownership within the GBA, acquired additional 70% working interest and operatorship in Licence P2170 increasing both our discovered and prospective resources
  • Strong cash position of approx. £8.9m at period end, c. £1m ahead due to cost discipline

Post Period End:

  • In early September 2020, the Company was awarded, subject to documentation, a 100% working interest in, and operatorship of, part-block 20/5e, located within JOG's existing GBA development acreage which contains an extension of the J2 oil discovery


  • Finalisation of the development plan for the GBA
  • A comprehensive update on the exciting near field exploration potential of the GBA, demonstrating the upside potential to the development project
  • Progress on area collaboration with regional operators for both production volumes and power solutions
  • JOG now a signatory of the United Nations Global Compact - publication of JOG's maiden Sustainability report
  • Launch of the planned GBA funding/farm-out sales process anticipated in Q1 2021

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

'The Greater Buchan Area is a multi-faceted project and it is exciting to see the results of the hard work of our project team now coming together. Work is ongoing to finalise the development plan of our core project, with optimisation work on production phasing and on decisions regarding area collaboration, both for production volumes and power solutions.

'I would like to express my thanks to all our team and everyone involved in our Greater Buchan Area project, who have worked seamlessly throughout the COVID-19 pandemic to ensure ongoing progress. Furthermore, I am grateful, as ever, for the continued support of our shareholders for whom we hope to deliver significant further value as the GBA project progresses towards first production.'

Original article link

Source: Jersey Oil & Gas

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