Business
TGS Dispute Settlement Payment
TGS Dispute Settlement Payment.
About this update from Jersey Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3805K\n Jersey Oil and Gas PLC\n 04 January 2021\n \n \n \n \n \n 4 January \n \n \n 202\n \n \n 1\n \n \n \n \n \n \n Jersey Oil and Gas plc\n \n \n (\"Jersey Oil & Gas\", \"JOG\" \n or the \n \"Company\")\n \n \n \n \n \n TGS Dispute Settlement Payment\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 that it has reached a settlement with TGS-Nopec Geophysical Company ASA (\"TGS\")\n pursuant to an agreement entered into with TGS on 9 February 2018. Under the agreement, TGS claimed uplift payments from JOG totalling US$1,050,838 in respect of: a) licence awards to Jersey Petroleum Limited (\"JPL\") in the Oil & Gas Authority's (\"OGA's\") 31st Supplementary Offshore Licencing Round; and b) the acquisition by JPL of Equinor UK Limited's 70% interest in Licence P2170 (Verbier). Jersey Oil and Gas has disputed the validity of both claims, following which two hearings have taken place in the Norwegian courts. On the basis of legal advice received, JOG has negotiated and agreed a final settlement payment to TGS of US$850,000.\n \n \n Following this payment, which is settling a one-off and isolated dispute, the group's estimated cash position at 31 December 2020 was c.£5m, which is c.£3m ahead of our initial 2020 budgeted year-end cash balance.\n \n \n We look forward updating shareholders on the group's Greater Buchan Area development project during the course of Q1 2021. \n \n \n \n \n \n \n Enquiries\n \n :\n \n \n \n \n \n Jersey Oil and Gas plc\n \n \n \n \n \n \n \n Andrew Benitz, CEO \n \n \n \n \n C/o Camarco: \n \n \n Tel: 020 3757 4983\n \n \n \n \n \n \n Strand Hanson Limited\n \n \n \n \n James Harris\n \n \n Matthew Chandler\n \n \n James Bellman\n \n \n \n \n Tel: 020 7409 3494\n \n \n \n \n \n \n Arden Partners plc\n \n \n \n \n Paul Shackleton\n \n \n Benjamin Cryer\n \n \n \n \n Tel: 020 7614 5900\n \n \n \n \n \n \n BMO Capital Markets Limited\n \n \n \n \n Jeremy Low\n \n \n Tom Rider\n \n \n \n \n Tel: 020 7236 1010\n \n \n \n \n \n \n Camarco\n \n \n \n \n Billy Clegg\n \n \n James Crothers\n \n \n \n \n Tel: 020 3757 4983\n \n \n \n \n \n \n \n \n \n Notes to ...