logo-loader
viewJersey Oil and Gas PLC

Jersey Oil & Gas confident of getting North Sea acquisition targets

JOG says it is involved in nine active asset sales processes, relating to interests in a total of 25 fields, and is confident of closing in on a number of North Sea acquisitions.

An oil and gas platform / rig offshore, North Sea
Low oil prices have provided increasing numbers of opportunities, JOG said.

Jersey Oil & Gas Plc (LON:JOG) has told investors that it remains confident in its ability to close in on a number of North Sea acquisition targets during 2016.

The company - formerly Trapoil Group - highlighted in this morning’s financial results statement that an active acquisition and divestiture market exists in the UK North Sea region, and the continued depressed oil price environment is providing increasing numbers of opportunities.

It says it is involved in nine active asset sales processes, relating to interests in a total of 25 fields.

Andrew Benitz, the company’s chief executive, said: "Since the JOG team joined the company in August 2015, we have remained singularly focussed on seeking to acquire positive cashflow generating production assets within the UK Continental Shelf region of the North Sea and are continually sourcing opportunities to grow the company.

"With some current stability around the US$40+ per barrel level and with fundamentals in favour of an oil price recovery later this year, we remain excited about the company's prospects for 2016 and our ability to secure attractive producing assets and look forward to updating shareholders on our progress in due course."

During 2015, the company was restructured and relaunched as Jersey Oil & Gas, Benitz joined in the summer alongside chief operating officer Ron Lansdell.

The pre-revenue exploration company reported a £1.4mln loss for 2015, and said it had £900,000 of cash at December 31 2015.

Quick facts: Jersey Oil and Gas PLC

Price: 84.5 GBX

LSE:JOG
Market: LSE
Market Cap: £18.45 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Jersey Oil and Gas PLC named herein, including the promotion by the Company of Jersey Oil and Gas PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

SDX Energy offers an 'astonishing opportunity' - Malcolm Graham-Wood

Oil and Gas commentator Malcolm Graham-Wood discusses SDX Energy's (LON:SDX, CVE:SDX) latest positive result for the recently drilled ONZ-7 well at the Sebou permit, onshore Morocco. It achieved an average flow rate of 10mln cubic feet of gas per day during the test. Graham-Wood also...

on 02/07/2018

2 min read