JERSEY OIL AND GAS PLC

Jersey Oil & Gas is pleased to announce its unaudited Interim Results for the six month period ended 30 June 2024. Highlights include: Significant progress made across all engineering, subsurface and regulatory workstreams to position the Buchan Horst for formal approval Second GBA farm-out transaction to Serica Energy completed in February 2024 which enabled JOG to secure a fully funded 20% interest in the Buchan development project Multiple regulatory submissions have been made as part of moving towards Field Development Plan approval As at 30 June 2024, the Company had a cash balance of approximately £13 million and no debt. Andrew Benitz, CEO of Jersey Oil & Gas, commented: “The first half of the year has been marked by both highs and lows for the Company. The high of the farm-out success has been tempered over the course of the year by the fiscal and political turmoil the UK oil and gas industry has faced. Whilst demand for hydrocarbons continues during the energy transition, developing homegrown energy provides the UK with a cleaner and more secure solution than relying on carbon intensive imported fuels. The Buchan project has the potential to create over 1,000 jobs across many parts of the UK supply chain and over 200 project related jobs, attract private investment of around £1 billion into the UK economy, generate hundreds of millions in UK tax revenues and deliver accelerated investment in new offshore renewable electricity generation. Against that backdrop, we hope that the Government will ensure that sense prevails and the right fiscal and regulatory environment is established to enable the UK’s oil and gas industry to continue being a highly valuable contributor to the economy for years to come, whilst we transition to a lower carbon economy.” Read the full report here: https://lnkd.in/gWN3Fu-F #JOG #NorthSea

JOG notes the update shared this morning by NEO Energy, the Buchan licence operator, announcing that it is awaiting clarity on the UK's regulatory and fiscal framework to fully assess the impact on the Buchan project. This follows the UK Government’s recent announcement concerning its plans for a consultation on new environmental guidance for oil and gas firms. JOG, alongside its Joint Venture partners, NEO and Serica, will seek a licence extension in order to continue the technical work on the Buchan project and evaluation of changes to tax and environmental consents. Andrew Benitz, CEO of JOG, commented: “Whilst demand for hydrocarbons continues during the energy transition, homegrown energy is the right solution. A project like Buchan has the potential to produce some of the lowest emission barrels of any project globally. Emissions arising from the combustion or use of those hydrocarbons will result in the same emissions as comparable barrels regardless of where they are produced. Homegrown energy should always trump imports, creating domestic economic growth, jobs and valuable UK tax receipts.” You can find JOG's full press release here: https://lnkd.in/eJhN_USK

#JOG is pleased to announce its final results for the year ended 31 December 2023.   2023 was an exceptional year for the Company with the successful completion of two significant GBA farm-out transactions bringing in credible industry partners and the funding required to monetise the area.   JOG retains a fully carried 20% interest in the development programme to take the Buchan field through to FDP approval.   The selected Buchan redevelopment plan delivers the lowest full-cycle carbon footprint solution for the field benefitting from the key “R3” components that underpin a quality solution for the development of homegrown resources: ✔️Redeveloping an existing, known oil field, ✔️through Re-use of infrastructure ✔️that is to be made Ready for electrification.   “JOG had an exceptional 2023 and we are delighted to have NEO and Serica as our partners on the Greater Buchan Area, which is one of the largest and most exciting developments of homegrown energy in the UK North Sea. Together with our joint venture partners and support from our shareholders we have delivered an investment opportunity that is expected to support over 1,000 jobs across many parts of the UK supply chain, provide private investment of around £900 million into the UK economy and generate hundreds of millions in forecast UK tax receipts.” - Andrew Benitz, CEO.   Read the full report here: https://lnkd.in/gnUWPDG7 #JOG #NorthSea #GreaterBuchanArea

JOG is pleased to announce the successful completion of its farm-out of a 30% interest in the Greater Buchan Area licences to Serica Energy. The associated milestone cash payment of $6.8 million has been received, marking a significant financial achievement for JOG. The GBA joint venture partnership now comprises NEO Energy (50% interest, Operator), Serica Energy (30% interest), and JOG (20% interest). Read the full release here: https://lnkd.in/eduXCDPV

JOG is pleased to provide a corporate update and updated corporate presentation following the successful delivery of our stated farm-out strategy during 2023. The GBA farm-out transactions deliver access to material cash receipts and a fully funded long-term stable income stream:   ✔️ Fully funded ✔️ Zero capex flowing barrels ✔️ High quality partners ✔️ Cash payments ✔️ Low carbon development    “2023 was a watershed year for the Company. With the draft Field Development Plan now submitted, we are well on the way to obtaining regulatory approval later this year and achieving the target of first production in late 2026. As a result of the 2023 transactions, JOG’s value and investment proposition has been transformed. The value of the business is firmly underpinned, with the planned FPSO development solution delivering robust economics and providing the route to full monetisation of the GBA portfolio.” – Andrew Benitz, CEO of JOG   Read the full release: https://lnkd.in/eVX42Huk Access the corporate presentation: https://lnkd.in/eK_k3vaw