Business
Settlement Agreement entered into with Total E&P
Settlement Agreement entered into with Total E&P.
About this update from Jersey Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 3449A Jersey Oil and Gas PLC 28 May 2019 \n\n28 May 2019\n \nJersey Oil and Gas plc\n(\"Jersey Oil & Gas\", \"JOG\" or the \"Company\")\n \nSettlement Agreement entered into with Total E&P UK Limited \nregarding Licence P2032\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 that it has agreed terms with Total E&P UK Limited (\"TEPUK\") in relation to TEPUK's termination of its 2013 farm-in to licence P2032 (Blocks 21/8c, 21/9c, 21/10c, 21/14a and 21/15b). By way of a full and final settlement, JOG will receive £750,000 from TEPUK.\n \nAndrew Benitz, CEO of Jersey Oil & Gas, commented:\n\"We are pleased to have reached agreement on this legacy issue regarding the farm-out of our former interest in Licence P2032, which was relinquished in 2015.\"\n \nEnquiries:\n\n\n\nJersey Oil and Gas plc\n \n\n\nAndrew Benitz, CEO \n\n\nC/o Camarco: \nTel: 020 3757 4983\n\n\n\n\nStrand Hanson Limited\n\n\nJames Harris\nMatthew Chandler\nJames Bellman\n\n\nTel: 020 7409 3494\n\n\n\n\nArden Partners plc\n\n\nPaul Shackleton\nBenjamin Cryer\n\n\nTel: 020 7614 5900\n\n\n\n\nBMO Capital Markets Limited\n\n\nJeremy Low\nTom Rider\n\n\nTel: 020 7236 1010\n\n\n\n\nCamarco\n\n\nBilly Clegg\nJames Crothers\n\n\nTel: 020 3757 4983\n\n\n\n \n \nNotes to Editors:\n \nJersey Oil & Gas is a UK E&P company focused on building an upstream oil and gas business in the North Sea. The Company owns an 18% interest in the P2170 licence, Blocks 20/5b & 21/1d, Outer Moray Firth, in which the operator, Equinor UK Limited, owns a 70% interest and CIECO V&C (UK) Limited owns a 12% interest. This licence contains the 2017 Verbier oil discovery.\n \nThe Company plans to build an upstream E&P portfolio via both organic development and acquisitions coinciding with the cyclical recovery in the oil price and the opportune buying market in the North Sea. The Company is involved in multiple acquisition opportunities and intends to draw on its management team's considerable experience, knowledge and expertise to deliver shareholder value from its stated growth strategy.\n \nThe information contained within this announcement is ...