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Jersey Oil & Gas set up to build sizeable company, says boss

Published: 18:10 30 Sep 2016 AEST

Chief executive of  Jersey Oil & Gas PLC Andrew Benitz told Proactive Investors the firm was well positioned to build a "sizeable company going forward".
He says the hard work undertaken and its knowledge now of the North Sea market, means the firm  is in a good position to make a transaction and evaluate assets.
"There hasn't been a huge amount of successful transactions partly because of low oil prices in the  first part of the year, but secondly, vendors have had to get used to the new environment.,” he said.
But Benitz thinks  with range bound oil between US$40 and US$50  a barrel , there is a "growing appetite" for increasing acquistions  and disposals across the North Sea, he suggests.
Big news for the firm recently has been the successful farmout to  Norwegian oil major Statoil on the P.2170 licence, in which the latter will take a 70% stake and be operator.
"That was a great achievement for us," said Benitz, who added it was s a very promising prospect, with the larger of the two targets, having 300mln barrel potential.
In its interims, the AIM firm said work was currently focused on obtaining the customary regulatory approvals to complete the farm-out.
It also told investors it continues to “work actively” on a number of opportunities in the UK, which it expects will lead to the acquisition of producing oil and gas assets in the near future.

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on 26/4/18