Business
Final Results for the year ended 31 December 2018
Final Results for the year ended 31 December 2018.
About this update from Jersey Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 4835Z Jersey Oil and Gas PLC 20 May 2019 \n\n20 May 2019\n \nJersey Oil and Gas plc\n(\"Jersey Oil & Gas\", \"JOG\" or the \"Company\")\n \nFinal Results for the year ended 31 December 2018\n \nJersey 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 its audited results for the year ended 31 December 2018.\n \nHighlights\n· Post discovery well analysis: 2018 was a year of post well analysis following the Verbier oil discovery made in October 2017.\n· PGS Seismic Survey: JOG participated in pre-funding a 3D seismic survey over the P2170 licence area and certain offset acreage to advance the interpretation of the 2017 Verbier discovery and assessment of other exploration opportunities within the P2170 licence and surrounding area.\n· Preparation for the Verbier Appraisal Well: The West Phoenix semi-submersible rig was contracted for drilling, as part of a larger Equinor operated drilling campaign, leading to cost benefits for JOG with certain costs being shared. Originally scheduled to commence in H2 2018, the well was subsequently rescheduled and drilled in H1 2019. \n \n· Board Change: On 14 November 2018, Vicary Gibbs joined the Company and Board, replacing Scott Richardson Brown as Chief Financial Officer.\n· Strong Cash Position: Ended 2018 with £19.8 million of which approximately £4-5 million will be utilised through H1 2019, principally to settle our share of the Verbier appraisal well costs.\n \nPost year end\n \n· Verbier Appraisal Well Result: The 20/05b-14 appraisal well, which was safely drilled, ahead of schedule and within budget, unfortunately did not encounter Upper Jurassic reservoir sands as anticipated. The appraisal well results will be fully integrated with the final processed data from the 3D seismic survey, acquired in 2018, in order to evaluate the upside potential for further Verbier appraisal activity. \no Our contingent resource volumetric estimates are likely to be revised towards the lower end of the initial resource estimate of 25 million barrels of oil equivalent (\"MMboe\...