Business
Final Results & Notice of AGM
Final Results & Notice of AGM.
About this update from Jersey Oil & Gas Plc
[{"type":"text","content":"\n\n28 May 2025\n \nJersey Oil and Gas plc\n(\"Jersey Oil & Gas\", \"JOG\" or the \"Company\")\n \nFinal Results for the Year Ended 31 December 2024\n& Notice of Annual General Meeting\n \nJersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, is pleased to announce its audited financial results for the year ended 31 December 2024 and the date of its forthcoming Annual General Meeting (\"AGM\").\n \nFurther to the successful Greater Buchan Area (\"GBA\") farm-outs to NEO Energy (\"NEO\") and Serica Energy (\"Serica\") in 2023-24, the Company has strategically positioned itself as one of the UK's leading UK quoted small-cap oil and gas companies with a high-quality development portfolio and the funding to deliver on its organic growth plans. Despite the uncertainties that have been created within the UK oil and gas industry as a result of the Energy Profits Levy (\"EPL\") and the on-going consultations that have been launched by the Government, the Company remains well placed to execute upon its plans for long-term value creation.\n \nBuchan Redevelopment Project\nSignificant progress was made during 2024 to advance the Buchan Horst (\"Buchan\") redevelopment project towards sanction and Field Development Plan (\"FDP\") approval. Despite the project slowdown resulting from the various regulatory consultations and the need to obtain sufficient clarity on the outcome of these to finalise the way forward, three major workstreams have been matured:\n§ Detailed engagement has been on-going on the draft Buchan FDP with the North Sea Transition Authority (\"NSTA\"). In addition, the Buchan \"Field Determination Area\", that defines the maximum geological boundary of the field, was agreed with the NSTA\n§ The Environmental Impact Assessment (\"EIA\") for the project was issued to the Offshore Petroleum Regulator for the Environment and Decommissioning (\"OPRED\") and various activities have been completed to progress the regulatory evaluation.\n§ Front-end engineering and design (\"FEED\") studies were completed, the results of which have been used to define the details of the development execution plan. The primary engineering studies covered the appropriate solutions for the design of the wells, the subsea infrastr...