Business
Final Results for the year ended 31 December 2019
Final Results for the year ended 31 December 2019.
About this update from Jersey Oil & Gas Plc
[{"type":"text","content":"\n \n \n RNS Number : 0331M\n Jersey Oil and Gas PLC\n 06 May 2020\n \n \n \n \n 6 May 2020\n \n \n \n \n \n Jersey Oil and Gas plc\n \n \n (\"Jersey Oil & Gas\", \"JOG\" or the \"Company\")\n \n \n \n \n \n Final Results for the year ended 31 December 2019\n \n \n \n \n \n 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 its audited results for the year ended 31 December 2019.\n \n \n \n \n \n Highlights\n \n \n ·\n Significantly increased net discovered and recoverable resource estimates owned by the Company to more than 120 million barrels of oil equivalent (\"mmboe\") following transformational awards of licences in the Greater Buchan Area (\"GBA\") as part of the Oil and Gas Authority's 31st Supplementary Offshore Licensing Round\n \n \n \n \n \n ·\n As part of the licence awards, the Company now owns a 100% equity interest in the Buchan field as well as the J2 and Glenn discoveries, in addition to its interest in the Verbier discovery\n \n \n \n \n \n · \n Began work on a unique and major new North Sea Development Plan with a focus on delivering a low-carbon development of the GBA\n \n \n \n \n \n · \n Commitment to the highest levels of environmental, social and corporate governance across the business with the Company currently looking into opportunities to achieve a low carbon emissions production facility for the GBA\n \n \n \n \n \n ·\n Strong year-end cash position of £12.3 million, with no debt, resulting in the Company being fully funded through concept selection and to at least the end of 2021\n \n \n \n \n \n ·\n Verbier Appraisal Well drilled safely and within budget, and, although \n the well did not encounter Upper Jurassic sands as anticipated\n , our contingent resource estimate for the earlier Verbier discovery \n remain at 25 mmboe \n \n \n \n \n \n Post year end\n \n \n \n \n \n ·\n Acquired an additional 70% interest in and operatorship of Licence P2170, which includes the Verbier oil discovery, increasing total 2C discovered resources across the GBA to an estimated 142 mmboe net to the Company\n \n \n \n \n \n · \n The Verbier oil discovery is now a prime candidate for a tie back into the p...