Jersey Oil and Gas is focused on delivering shareholder value and growth through asset development, creative deal-making, and accretive M&A deals.  The company is led by a strong team with substantial North Sea experience and a proven track record for value creation.  We are convinced that opportunity exists within the UK North Sea to deliver on our strategy and the Company has a solid track-record of tangible success.

The Company holds a material acreage position within the Central North Sea.  The Greater Buchan Area (“GBA”) Development Project includes the Buchan oil field, the J2 and Verbier oil discoveries in addition to a number of drill ready exploration opportunities.  The GBA is estimated to have over 100 million barrels of discovered and recoverable oil volumes and over 100 million barrels of exploration upside.  Having aggregated these key licences and successfully matured the overall GBA development strategy, in April 2023 JOG sold a 50% working interest and operatorship in the licences to NEO Energy (NEO).  This important step for moving the development plan forward was followed in November 2023 by JOG executing agreements to sell a further 30% working interest to Serica Energy (Serica), with this transaction due to complete in Q1 2024.

These farm-out transactions provide JOG with a full carry for our 20% interest on the expenditure ahead of project sanction and the budgeted development costs included in the approved Field Development Plan (“FDP”) for the Buchan redevelopment project.  Additionally, upon completion of the Serica Farm-out, the combined cash payments received from the two farm-outs will be over $18 million, with a further $20 million due to be paid to JOG at Buchan Field Development Plan (“FDP”) approval.

In November 2023, the GBA joint venture announced terms to acquire the “Western Isles” floating production, storage and offloading (FPSO) vessel, which is currently operating in the UK North Sea.  The FPSO is to be re-deployed and used as the processing facility for the planned redevelopment of the Buchan field.

JOG is run by a small and focused team, with an agile and innovative business culture.  Capitalising on our in-depth sector knowledge and expertise, we continue to evaluate opportunities to grow and diversify the portfolio, whilst maintaining a disciplined approach to our strategic considerations.  Shaping our business for our shareholders.

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HISTORICAL PERFORMANCE

2022 Annual Report

annual report front cover 2022