Business
Interim Results for Six Months Ended 30 June 2020
Interim Results for Six Months Ended 30 June 2020.
About this update from Jersey Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3622A\n Jersey Oil and Gas PLC\n 29 September 2020\n \n \n \n \n 29 September 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 Interim Results for Six Months Ended 30 June 2020\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 interim results for the six months ended 30 June 2020 (the \"Period\").\n \n \n \n \n \n \n \n \n \n Highlights:\n \n \n \n \n \n \n •\n \n \n \n \n Significant progress made in respect of the Concept Select work for the Company's flagship Greater Buchan Area (\"GBA\") development project\n \n \n · \n Preferred development concept selected\n \n \n · \n New production facility planned at the Buchan field location\n \n \n · \n Proposed platform will be designed to accommodate fluids from neighbouring field developments via subsea tie-backs\n \n \n · \n Export of potential future oil and gas production will be via subsea pipeline to existing neighbouring infrastructure\n \n \n \n \n \n \n •\n \n \n \n \n Enhanced subsurface understanding\n \n \n · \n P50 technically recoverable 2C resources of more than 138 million stock tank barrels (\"MMstb\")\n \n \n · \n P50 prospective resources of over 200 MMstb\n \n \n · \n Buchan oil field dynamically modelled and history-matched to 36 years of production data\n \n \n · \n Volumes assessed using latest Petroleum Geo-Services ASA (\"PGS\") 3D seismic data\n \n \n \n \n \n \n •\n \n \n \n \n Significant exploration portfolio\n \n \n · \n 4 drill-ready exploration prospects with combined \n P50 prospective resources of 196 MMstb, in close proximity to the planned Buchan hub\n \n \n \n \n \n \n •\n \n \n \n \n Consolidating ownership within the GBA, acquired additional 70% working interest and operatorship in Licence P2170 increasing both our discovered and prospective resources\n \n \n \n \n \n \n •\n \n \n \n \n Strong cash position of approximately £8.9m at period end, c. £1m ahead due to cost discipline\n \n \n \n \n \n \n \n \n \n \n Post Period End\n \n :\n \n \n \n \n \n \n •\n \n \n \n \n In early September 2020, the Company was awarded, subject to documentation, a 100% working interest in, and...