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Jersey Oil & Gas confident of securing North Sea assets

Jersey said has put forward several bids on a variety of different assets, and it believes it is now an opportune time to be acquire assets.

The company expects to agree an acquisition within a reasonable time frame

Jersey Oil & Gas (LON:JOG) chief executive Andrew Benitz says he is confident of securing “suitably attractive” North Sea assets.

The company, formerly TrapOil, in a statement told investors that it has undertaken significant evaluation work on a number of potential opportunities and confirmed it has put forward several bids on a variety of different assets.

It added that it believes it will be able to agree an acquisition within a reasonable time frame.

Benitz said: “We are confident of securing suitably attractive producing assets in the UKNS and it is the board's view that conditions currently are favourable for us to beneficially acquire producing assets within the North Sea on attractive commercial terms."

In the meantime, the company has been optimising its cost base for the low oil price environment, minimising costs and identifying efficiencies.

The company said it is confident that current cash reserves are sufficient for the working capital requirements into the second half of 2016.

"As our shareholders would expect, we have continued to identify cost savings and carefully control expenditure whilst working hard to achieve our stated strategic objectives,” Benitz added.

Quick facts: Jersey Oil and Gas PLC

Price: 93.5 GBX

Market: LSE
Market Cap: £20.41 m

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