Proactiveinvestors Australia Jersey Oil and Gas PLC https://www.proactiveinvestors.com.au Proactiveinvestors Australia Jersey Oil and Gas PLC RSS feed en Tue, 23 Jul 2019 23:28:35 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190723090012_14159483/ Tue, 23 Jul 2019 18:00:12 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190723090012_14159483/ <![CDATA[RNS press release - Directors' Dealings ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190722151103_14158471/ Tue, 23 Jul 2019 00:11:03 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190722151103_14158471/ <![CDATA[RNS press release - Offshore Licensing Round Awards & Option Agreement ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190722070006_14157148/ Mon, 22 Jul 2019 16:00:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190722070006_14157148/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190627172742_14127863/ Fri, 28 Jun 2019 02:27:42 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190627172742_14127863/ <![CDATA[RNS press release - Result of Annual General Meeting ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190627110956_14127171/ Thu, 27 Jun 2019 20:09:56 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190627110956_14127171/ <![CDATA[RNS press release - Settlement Agreement entered into with Total E&P ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190528114501_14089276/ Tue, 28 May 2019 20:45:01 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190528114501_14089276/ <![CDATA[RNS press release - Posting of 2018 Annual Report and Notice of AGM ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190523070010_14084418/ Thu, 23 May 2019 16:00:10 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190523070010_14084418/ <![CDATA[RNS press release - Final Results for the year ended 31 December 2018 ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190520070020_14079321/ Mon, 20 May 2019 16:00:20 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190520070020_14079321/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190418164109_14047051/ Fri, 19 Apr 2019 01:41:09 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190418164109_14047051/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190418163606_14047033/ Fri, 19 Apr 2019 01:36:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190418163606_14047033/ <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190418111928_14046526/ Thu, 18 Apr 2019 20:19:28 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190418111928_14046526/ <![CDATA[RNS press release - Directors Dealings ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190416082204_14042607/ Tue, 16 Apr 2019 17:22:04 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190416082204_14042607/ <![CDATA[RNS press release - Verbier Operational Update ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190415070006_14040296/ Mon, 15 Apr 2019 16:00:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190415070006_14040296/ <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190410171633_14036661/ Thu, 11 Apr 2019 02:16:33 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190410171633_14036661/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190404110546_14029169/ Thu, 04 Apr 2019 21:05:46 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190404110546_14029169/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190404110025_14029151/ Thu, 04 Apr 2019 21:00:25 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190404110025_14029151/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190403110531_14027296/ Wed, 03 Apr 2019 21:05:31 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190403110531_14027296/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190403110019_14027287/ Wed, 03 Apr 2019 21:00:19 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190403110019_14027287/ <![CDATA[RNS press release - Verbier Appraisal Well Results ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190403070005_14026388/ Wed, 03 Apr 2019 17:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190403070005_14026388/ <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190315161323_14004649/ Sat, 16 Mar 2019 03:13:23 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190315161323_14004649/ <![CDATA[RNS press release - Drilling of the Verbier Appraisal Well ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190304070007_13988230/ Mon, 04 Mar 2019 18:00:07 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190304070007_13988230/ <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190221161004_13977764/ Fri, 22 Feb 2019 03:10:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190221161004_13977764/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190123164733_13944615/ Thu, 24 Jan 2019 03:47:33 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190123164733_13944615/ <![CDATA[RNS press release - Director's Dealing ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190117105707_13938279/ Thu, 17 Jan 2019 21:57:07 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190117105707_13938279/ <![CDATA[RNS press release - Grant of Share Options ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190117070005_13937371/ Thu, 17 Jan 2019 18:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190117070005_13937371/ <![CDATA[RNS press release - Operational Update ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190116131317_13936958/ Thu, 17 Jan 2019 00:13:17 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20190116131317_13936958/ <![CDATA[RNS press release - Directorate Changes ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20181114070004_13865877/ Wed, 14 Nov 2018 18:00:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20181114070004_13865877/ <![CDATA[RNS press release - Update re Drilling of the "Verbier" Appraisal Well ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20181112070005_13862526/ Mon, 12 Nov 2018 18:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20181112070005_13862526/ <![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180920070013_13797534/ Thu, 20 Sep 2018 16:00:13 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180920070013_13797534/ <![CDATA[RNS press release - Drilling of the "Verbier" Appraisal Well Update ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180724070006_13728355/ Tue, 24 Jul 2018 16:00:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180724070006_13728355/ <![CDATA[News - Jersey Oil expects Verbier appraisal towards end of 2018 ]]> https://www.proactiveinvestors.com.au/companies/news/201407/jersey-oil-expects-verbier-appraisal-towards-end-of-2018-201407.html Jersey Oil & Gas (LON:JOG) has been advised that drilling of the Verbier Well in the UK Continental Shelf region of the North Sea has been pushed back a few months.

Originally, the plan was to drill the appraisal well this quarter, but operator Equinor (the new name for Statoil) says Verbier will now be the third well in a UK drilling campaign using the West Phoenix rig as opposed to the first.

READ: All eyes on Jersey Oil & Gas’s upcoming appraisal well at Verbier

Drilling is now expected towards the end of 2018, though the delay is not expected to result in any change in the well budget.

Jersey has an 18% stake in Verbier, where initial estimates are for 25 and 130mln barrels of oil equivalent.

The purpose of the planned appraisal well is to determine the potential volume range in the discovery, said the statement.

Andrew Benitz, Jersey’s chief executive, added the well is still within previously advised capex guidance.

West Phoenix is a semi-submersible rig designed for drilling in harsh climatic environments.

 

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Tue, 24 Jul 2018 07:38:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201407/jersey-oil-expects-verbier-appraisal-towards-end-of-2018-201407.html
<![CDATA[RNS press release - Completion of 3D Seismic Survey ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180628070009_13696602/ Thu, 28 Jun 2018 16:00:09 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180628070009_13696602/ <![CDATA[News - 3D seismic survey completed over Jersey Oil & Gas' Verbier discovery ]]> https://www.proactiveinvestors.com.au/companies/news/199760/3d-seismic-survey-completed-over-jersey-oil-gas-verbier-discovery-199760.html Jersey Oil & Gas PLC (LON:JOG) has told investors that the 3D seismic survey over the P.2170 licence area, which covers the Verbier discovery and Cortina prospect, has been completed.

The AIM-quoted firm expects to receive the final imaged data from Petroleum Geo-Services in the first quarter of 2019.

READ: All eyes on Jersey’s upcoming appraisal well at Verbier

Jersey said this data, as well as the results from the upcoming Verbier appraisal well – due to be drilled later this year – will help it to figure out how best to progress the project into a potential future development phase.

“We look forward to achieving a comprehensive update of our geological and geophysical understanding of the greater P.2170 licence area, integrating the results of the forthcoming Verbier appraisal well with the PGS newly acquired, high quality 3D dataset,” said chief executive Andrew Benitz.

“The information to be derived from the appraisal well, together with the new 3D data, will be an important step towards the potential future development of the Verbier discovery and will facilitate our evaluation of other drillable prospects in the P.2170 licence area.”

Jersey owns 18% of Verbier and it has quickly become the company’s most significant asset. It was discovered last October and is estimated to host up to 130mln barrels of oil equivalent.

Separate farm-out deals with Statoil and co-venturer CIECO meant Jersey was carried for US$27.4mln of the Verbier drilling costs.

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Thu, 28 Jun 2018 08:18:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199760/3d-seismic-survey-completed-over-jersey-oil-gas-verbier-discovery-199760.html
<![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180524152025_13654605/ Fri, 25 May 2018 00:20:25 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180524152025_13654605/ <![CDATA[RNS press release - Withdrawal of Special Resolution ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180524072759_13653259/ Thu, 24 May 2018 16:27:59 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180524072759_13653259/ <![CDATA[RNS press release - Posting of 2017 Annual Report and Notice of AGM ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180426141235_13620372/ Thu, 26 Apr 2018 23:12:35 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180426141235_13620372/ <![CDATA[RNS press release - Final Results for the year ended 31 December 2017 ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180426070007_13619051/ Thu, 26 Apr 2018 16:00:07 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180426070007_13619051/ <![CDATA[News - All eyes on Jersey Oil & Gas’s upcoming appraisal well at Verbier ]]> https://www.proactiveinvestors.com.au/companies/news/195826/all-eyes-on-jersey-oil-gass-upcoming-appraisal-well-at-verbier-195826.html As Jersey Oil & Gas Plc (LON:JOG) releases financial results for 2017 all attentions are fixed on the follow-up drilling planned for the Verbier discovery later this year.

An appraisal well is planned by project operator Statoil to further test Verbier this summer, and it is described by Jersey as exciting near-term activity.

Verbier was discovered during the reporting period, the twelve months ended December 31, and it has been estimated to host up to 130mln barrels of oil equivalent resources.

WATCH: Jersey Oil & Gas's Benitz: North Sea an exciting place to explore again

Among other things, the upcoming appraisal well will provide clearer insight into the discovery’s potential scale and commercial merits.

“Our exploration drilling programme on our highly exciting Verbier prospect in October delivered a stand out discovery in the North Sea which we look forward to appraising this summer,” said Andrew Benitz, Jersey chief executive.

“Our successful fundraising in October has meant that the Company is well funded for the upcoming work programme on the P2170 licence."

Jersey owns 18% of Verbier and it has quickly become the company’s most significant asset.

Separate farm-out deals with Statoil and co-venturer CIECO meant Jersey was carried for US$27.4mln of the Verbier drilling costs.

In November, the AIM-quoted company raised £23.8mln of new capital, and it ended 2017 with £25.4mln of cash and had no debt.

The pre-revenue group reported a £726,000 profit for the year, due to a reimbursement of costs via the farm-out.

On top of the Verbier appraisal, the exploration partners recently committed to pre-fund a 3D seismic survey covering the licence area, examining the Verbier discovery area as well as the Cortina follow-on exploration prospect. The programme is expected to produce its final data in the first quarter of 2019.

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Thu, 26 Apr 2018 08:04:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195826/all-eyes-on-jersey-oil-gass-upcoming-appraisal-well-at-verbier-195826.html
<![CDATA[Media files - Jersey Oil & Gas's Benitz: North Sea an exciting place to explore again ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9146/jersey-oil-gas-s-benitz-north-sea-an-exciting-place-to-explore-again-9146.html Wed, 25 Apr 2018 16:31:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9146/jersey-oil-gas-s-benitz-north-sea-an-exciting-place-to-explore-again-9146.html <![CDATA[RNS press release - 3D Seismic Survey ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180424070006_13615460/ Tue, 24 Apr 2018 16:00:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180424070006_13615460/ <![CDATA[News - Jersey Oil and Gas commits to new North Sea seismic programme ]]> https://www.proactiveinvestors.com.au/companies/news/195628/jersey-oil-and-gas-commits-to-new-north-sea-seismic-programme-195628.html Jersey Oil and Gas PLC (LON:JOG) has told investors that its joint venture with Statoil has committed to pre-fund a multi-client 3D seismic survey which will include its acreage in the North Sea.

The survey will cover the group’s 12%-owned Verbier discovery and Cortina prospect, as well as an additional area of interest (AOI). It is expected that the delivery of the final imaged data will happen in ‘late Q1’ in 2019.

Data gathered through the survey will be integrated with the data from Verbier, where an appraisal well is planned for this summer.

READ: Jersey Oil & Gas looks forward to new Verbier

The company said in a statement that its share of the costs relating to the AOI will be covered from existing cash reserves, and added that total capex for 2018 is now anticipated ‘towards the upper end’ of the previous guidance range, between £9mln and £11mln.

"We are delighted to be able to participate in the pre-funding of PGS' multiclient 3D survey with our co-venturers, which allows us to obtain state-of-the-art, broad-band seismic data at very favourable rates,” said Andrew Benitz, Jersey chief executive.

“We believe this represents an exciting step in our ongoing evaluation of the P.2170 licence area, with the timely delivery of the processed data facilitating the potential future development of the Verbier discovery as well as enhancing our understanding and evaluation of other drillable prospects in the greater licensed area, thereby building on our existing knowledge base gained from last year's successful Verbier discovery well."

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Tue, 24 Apr 2018 07:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195628/jersey-oil-and-gas-commits-to-new-north-sea-seismic-programme-195628.html
<![CDATA[RNS press release - Director's Dealing ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180313123414_13565219/ Tue, 13 Mar 2018 23:34:14 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180313123414_13565219/ <![CDATA[News - Jersey Oil & Gas’s Verbier discovery is a “big company asset” - analyst ]]> https://www.proactiveinvestors.com.au/companies/news/192516/jersey-oil-gass-verbier-discovery-is-a-big-company-asset-analyst-192516.html Jersey Oil & Gas Plc’s (LON:JOG) Verbier discovery is a “big company asset”, according to stockbroker WH Ireland, which has issued a note after operator Statoil hired a rig for a new well.

While the North Sea find may be a ‘big company asset’, analyst Brendan Long also highlighted that via its 18% stake Jersey offers investors the significant kind of upside often associated with ‘small companies’.

READ: Jersey Oil & Gas looks forward to new Verbier well as Statoil signs up rig

Verbier was discovered quite recently, with a well in the second half of 2017, and Statoil is making rapid progress with an appraisal well now due this summer.

“We believe the pace being set by Statoil clearly indicates that Verbier is a high-priority within that company’s global suite of assets,” Long said.

Based on the discovery well data Verbier has so far been estimated to host between 25mln to 135mln barrels oil equivalent (boe), with the mean set at 69mln boe.

The plan is for the appraisal drilling to help determine a narrower range of resources.

“The high-low range of uncertainty is quite large for a discovered oil field benefiting from 3D-seismic and a successful well penetration. This reflects the partly stratigraphic nature of the field,” Long said.

“We believe that the first appraisal well will be drilled to the north of the discovery well (sidetrack well 20/05b-13z) and that if successful it would increase the bottom of the high-low range by bringing it closer to the mid-case estimate.”

He added: “A decision to drill a sidetrack well in 2018 will be made after the results of the first appraisal well are known while the rig is still on location (essentially a second appraisal well).

“This would likely be to test the full upside potential of the reservoir. No precise well locations have been disclosed.”

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Fri, 02 Mar 2018 11:03:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192516/jersey-oil-gass-verbier-discovery-is-a-big-company-asset-analyst-192516.html
<![CDATA[RNS press release - Rig Contract Signed ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180301100849_13550981/ Thu, 01 Mar 2018 21:08:49 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180301100849_13550981/ <![CDATA[News - Jersey Oil & Gas looks forward to new Verbier well as Statoil signs up rig ]]> https://www.proactiveinvestors.com.au/companies/news/192427/jersey-oil-gas-looks-forward-to-new-verbier-well-as-statoil-signs-up-rig-192427.html Jersey Oil & Gas Plc (LON:JOG) is preparing for the next well at the Verbier discovery in the North Sea, with a rig contract now signed for an appraisal programme.

The explorer said in a statement that project operator Statoil has signed up the West Phoenix rig for the drilling due to take place in summer 2018.

READ: Jersey Oil & Gas confirms summer follow-up drilling plans for Verbier discovery

"We are very pleased to announce that Statoil has contracted the West Phoenix, a sixth generation semi-submersible drilling rig, being the same class of rig that drilled the Verbier discovery well last year, to drill the Verbier appraisal well this summer,” said Andrew Benitz, Jersey chief executive.

“Confirmation of this contract at competitive market rates is in line with our previously announced Capex expectations for 2018 and this appraisal campaign will help determine the potential of our exciting Verbier discovery.

“In parallel with the appraisal well programme on Verbier, we are continuing our exploration activities to fully evaluate the remaining prospectivity of the P.2170 licence area."

Jersey owns an 18% stake in Verbier which following last year’s discovery well is estimated to host between 25mln to 135mln barrels oil equivalent (boe), with the mean set at 69mln boe.

It is expected that the appraisal well will help determine a narrower range of resources.

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Thu, 01 Mar 2018 11:03:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192427/jersey-oil-gas-looks-forward-to-new-verbier-well-as-statoil-signs-up-rig-192427.html
<![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180201180845_13518948/ Fri, 02 Feb 2018 05:08:45 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180201180845_13518948/ <![CDATA[RNS press release - Grant of Share Options ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180129073001_13512377/ Mon, 29 Jan 2018 18:30:01 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180129073001_13512377/ <![CDATA[RNS press release - Operational Update ]]> https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180129070005_13512037/ Mon, 29 Jan 2018 18:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/3805/LSE20180129070005_13512037/ <![CDATA[News - Jersey Oil & Gas confirms summer follow-up drilling plans for Verbier discovery ]]> https://www.proactiveinvestors.com.au/companies/news/190736/jersey-oil-gas-confirms-summer-follow-up-drilling-plans-for-verbier-discovery-190736.html Jersey Oil & Gas Plc (LON:JOG) has told investors that a follow on to the Verbier discovery well is planned for this summer.

The company said in a statement that the co-venturers ( led by project operator Statoil) have now approved a work programme and budget for 2018, and it includes an appraisal of the Verbier oil discovery.

Negotiations are presently advanced for the contracting a drilling rig for the new Verbier programme, JOG said.

READ: Jersey Oil and Gas confirmed it has raised £20mln in share placing

The company added that the programme is planned to comprise one appraisal well, plus an option for a sidetrack well.

JOG’s share of the work programme will be funded from existing cash reserves which amounted to £25mln at the end of December (a capital budget of £9mln to £11mln is envisaged for the year).

"We are pleased with the progress being made on the post-discovery technical work being undertaken by the P.2170 joint venture partnership and that plans to appraise the Verbier oil discovery have been confirmed,” said JOG chief executive Andrew Benitz.

READ: North Sea oil firms boosted as Chancellor announces raft of tax breaks to spur investment

He added: "We look forward to updating our shareholders in due course as drilling plans and further exploration activity progresses."

JOG owns a 12% stake in Verbier, where Statoil’s initial estimates have put the gross recoverable resources at some 69mln barrels oil equivalent (mean) – the estimates range from 25mln to 130mln barrels.

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Mon, 29 Jan 2018 08:03:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190736/jersey-oil-gas-confirms-summer-follow-up-drilling-plans-for-verbier-discovery-190736.html
<![CDATA[News - North Sea oil firms boosted as Chancellor announces raft of tax breaks to spur investment ]]> https://www.proactiveinvestors.com.au/companies/news/187662/north-sea-oil-firms-boosted-as-chancellor-announces-raft-of-tax-breaks-to-spur-investment-187662.html North Sea oilfields are set to benefit from a new clutch of tax breaks after Philip Hammond confirmed his intention to make changes to UK oil and gas tax legislation.

The Chancellor hopes that the move will help spur up to £40bn in investment in the declining industry.

The changes – lobbied for by the Oil & Gas UK industry group – will allow producers selling their oilfields in the region to hand over existing tax breaks to the buyer.

Reduces costs of decommissioning  North Sea fields

This will allow the buyer to benefit from larger tax relief when fields run dry and require dismantling – known in the industry as decommissioning.

Decommissioning remains a sticking point in many North Sea negotiations because the original operator is ultimately responsible dismantling the fields with buyers unwilling to take on the costs without the tax breaks.

The move could be particularly significant for London’s listed mid-cap and junior offshore oil companies that aim to squeeze as much oil as possible from the mature North Sea basin.

“Decommissioning is a significant factor when deciding whether to invest in the North Sea and the ability to transfer tax history for oil and gas fields is a welcome first step to help to address this concern,” said Andrew Benitz, chief executive of Jersey Oil & Gas – an AIM-quoted group with plans to acquire producing mature North Sea assets.

The exact details of the proposed changes will be worked through in 2018, Hammond said.

“There is plenty of life left in the North Sea yet,” Benitz proclaimed.

Independent Oil & Gas PLC (LON:IOG) boss Mark Routh echoed those comments, adding: “We welcome this new innovative tax policy which is precisely what a mature oil and gas province such as the North Sea needs to stimulate deals, increase activity and therefore achieve higher production and revenue from the sector.”

Government wants to maximise value of UK’s oil assets

“Today’s announcement by the Chancellor represents an unprecedented change to UK oil and gas tax law and is a clear demonstration that the government wishes to maximise the value of the UK’s remaining hydrocarbon reserves,” said EY’s head of oil and gas tax Derek Leith.

“A key plank of government policy to maximise economic recovery and to reduce the cost of decommissioning is to get the larger mature assets in the UK Continental Shelf into the hands of those companies that will focus on late life investment, extend the producing life of the assets and ultimately decommission these large fields more cheaply.

“New investment in the UKCS is the lifeblood to preserving an industry which has made a huge contribution to the UK’s economy over many decades, and supporting a supply chain focused on innovation and internationalisation.”

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Wed, 22 Nov 2017 15:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187662/north-sea-oil-firms-boosted-as-chancellor-announces-raft-of-tax-breaks-to-spur-investment-187662.html