---
title: "Jersey Oil & Gas PLC (LON:JOG) Interim Results for the Six Months Ended 30 June 2019"
publisher: "Share Talk"
author: "sharetalk"
published: "2019-09-26T08:47:36+00:00"
modified: "2019-09-26T08:47:36+00:00"
date: 2019-09-26
canonical: "https://www.share-talk.com/jersey-oil-gas-plc-lonjog-interim-results-for-the-six-months-ended-30-june-2019/"
category: "Energy"
categories: ["Energy"]
tags: ["Jersey Oil & Gas", "JOG"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Jersey Oil & Gas PLC (LON:JOG) Interim Results for the Six Months Ended 30 June 2019

**Published:** September 26, 2019
**Author:** sharetalk
**Categories:** Energy
**Tags:** Jersey Oil & Gas, JOG
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1)

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**Andrew Benitz, CEO of Jersey Oil & Gas, commented:** The first half of 2019 has been transformational for JOG, we have begun work on a full re-evaluation of the P2170 licence area and after significant effort and investment JOG was awarded 100% working interest and operatorship of four blocks in the Greater Buchan Area.

This has significantly enhanced the Company’s resource base of discovered oil volumes.

**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 2019 (the “Period”).

 

**Highlights:**

· Strong cash position of approximately £15.5m at period end

· Drilled the 20/05b-14 Verbier appraisal well which, although failing to encounter Upper Jurassic sands, provided the P2170 JV partners with valuable well data

· Received the final instalment of the processed data from the 2018 PGS 3D seismic survey, which will be incorporated with data from the 20/05b-14 Verbier appraisal well to provide a Verbier licence full re-evaluation

· Received £750,000 in settlement from Total E&P UK Limited (“TEPUK”) in relation to the termination of its 2013 farm-in to licence P2032

**Post Period End:**

· Transformational licence awards in the Oil and Gas Authority’s (“OGA”) 31st Supplementary Offshore Licensing Round in the UK North Sea

· Greater Buchan Area awards include 100% equity and operatorship of the Buchan Field together with the J2 and Glenn discoveries

· Awards add an estimated 119 million barrels of discovered mean recoverable resources net to JOG

· Three month 50% option granted to Equinor for Blocks 20/5d and 21/1a (the “Buchan Blocks”)

**Outlook:**

· Field Development Planning (“FDP”) work underway on the Greater Buchan Area hub development project

· Adopting key Environment, Social and Governance principles to ensure that we develop our resources in a sustainable, low carbon and responsible manner

· Hiring key project team members to enhance our technical and project management capabilities

· Appointing key contractors to undertake Appraise and Select phases of the FDP work

· Commissioned a new independent Competent Person’s Report (“CPR”) for the Buchan Blocks, which contain the Buchan Field and J2 discovery

· Progressing full subsurface re-interpretation / validation of licence P2170 using the new final processed data from the 2018 PGS 3D seismic survey

· Undertaking independent work in respect of licence P2170 to support potential future drilling activity

· Potential production acquisition opportunities continue to be pursued

 

**Andrew Benitz, CEO of Jersey Oil & Gas, commented:**

“The first half of 2019 has been transformational for JOG, we have begun work on a full re-evaluation of the P2170 licence area and after significant effort and investment JOG was awarded 100% working interest and operatorship of four blocks in the Greater Buchan Area. This has significantly enhanced the Company’s resource base of discovered oil volumes.

The Greater Buchan area is a very material and scalable project, which has the clear potential to deliver significant shareholder value beyond what we have already achieved. We are dealing with well-known, good quality, light oil fields and discoveries in a relatively benign and shallow part of the Central North Sea, which are located within UK waters, near good surrounding infrastructure for export and represent a potentially valuable energy resource for both JOG and the UK.

The board and I look forward to develop this vital resource sustainably and would like to thank shareholders for their ongoing support and look forward to updating them on further progress.”

 

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**Original URL:** https://www.share-talk.com/jersey-oil-gas-plc-lonjog-interim-results-for-the-six-months-ended-30-june-2019/
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