Business
Final Results for the year ended 31 December 2015
Final Results for the year ended 31 December 2015.
About this update from Jersey Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 1411W Jersey Oil and Gas PLC 25 April 2016 \n\n \n \n \n \n25 April 2016 \n \nJersey Oil and Gas plc\n(\"Jersey Oil & Gas\" or the \"Company\")\n \nFinal Results for the year ended 31 December 2015\n \nJersey Oil & Gas (AIM: JOG), an independent oil and gas company which is pursuing an acquisition-led strategy in the UK Continental Shelf region of the North Sea, is pleased to announce its audited results for the year ended 31 December 2015. \n \nHighlights\n· Settlement agreement negotiated and entered into with the Athena oilfield consortium to ring-fence the Group's contractual liabilities associated with its interest in Licence P.1293 Block, 14/18b (\"Athena\")\n· Agreement also reached with CGG Services (UK) Limited (\"CGG\") to expunge the Group's remaining debt due to CGG\n· Acquisition of Jersey Oil and Gas E&P Limited, refined business strategy and appointment of Andrew Benitz as Chief Executive Officer and Ron Lansdell as Chief Operating Officer\n· Change in Company's name to Jersey Oil and Gas plc\n· Placing to raise approximately £0.82m (before expenses) to provide additional working capital\n· Exploration well drilled on Licence P.1889, Block 12/26b & 27 (\"Niobe\") thereby satisfying licence obligations, however no significant hydrocarbons were encountered\n· Worked up prospectivity for Licence P.2170, Block 20/5b (\"Cortina\") \n· Capital reorganisation involving, inter alia, a 1 for 100 share consolidation\n· Active in nine sales processes involving more than 25 field interests\n· Loss (before and after tax) for the year of £1.4m (2014: £44.4m)\n· Cash at the year end of £0.9m\n \nPost period end\n· Sale and purchase agreement signed with Azinor Catalyst Limited (\"Catalyst\") for the farm-out of the Group's 50 per cent. interest in Seaward Production Licence P.1989, Blocks 14/11, 12 & 16 \n· Farm out process underway for Licence P.2170 which contains the Verbier and Cortina prospects with oil in place estimates of 300MM...