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LSE:JOG FRA:TPC1

Jersey Oil and Gas PLC

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Market:
LSE
Market Cap:
£24.56 m
Price
112.50 GBX
Change
-3.43%
52 weeks high
328.00
52 weeks low
45.05

Jersey Oil and Gas intends to become a significant E&P company by leveraging the management team’s worldwide oil and gas experience and our strong financial position. The company will take full advantage of favourable market conditions found in the UK North Sea for the acquisition of production, development, exploration and appraisal opportunities.

Formed in March 2014, Jersey Oil and Gas has grown significantly since inception following the drilling of the Verbier discovery in 2017 with its co-venturers Equinor and CIECO V&C (UK) Limited, and recently through the 2019 award of licences in the Greater Buchan Area to JOG.  The company’s licenced acreage is estimated to have more than 140 million barrels of discovered and recoverable oil volumes net to JOG and significant additional exploration opportunities.

JERSEY OIL AND GAS LICENCE MAP OVERVIEW

BUCHAN & J2

The Buchan oil field was discovered by well 21/1-1, drilled by Transworld Petroleum and Texaco in 1974 into a pronounced and relatively elevated horst block at the eastern end of the Buchan Horst.

The well encountered a significant oil column, in excess of 900 ft, in fractured, Upper Old Red Sandstone that flowed 890 bopd on test. The reservoir was significantly over-pressured at 3,400 psi above hydrostatic pressure. The oil is sweet and under-saturated with an average GOR of 285 scf/stb and gravity of 33°API. Subsequent appraisal drilling tested up to 5000 bopd on test (21/01-2) and demonstrated an oil column in excess of 1,900 ft (well 21/1a-6). The field was brought into production by BP in 1981 with nine development wells and initial production peaked at 54,537 bopd.

The J2 discovery was drilled by well 20/5a-10Y in 2006. The well was drilled as a deviated well to test the westerly culmination of a 3-way dip and fault closed structure mapped at Late Jurassic, Sgiath Formation level and located on a structural terrace downthrown to the north of the Buchan Horst and the Buchan field.

VERBIER

On the 9th October 2017 JOG announced an oil discovery in the Verbier sidetrack well, 20/05b-13Z drilled in Licence P2170. The well was drilled safely and within budget to the planned total depth of 3811m and a suite of log data had been acquired via Logging While Drilling (“LWD”), including pressure data.

Blocks 20/5b and 21/1d were awarded as a Traditional Licence in the 28th Licensing Round. The blocks lie approximately 100km northeast of Aberdeen, close to the Buchan and Tweedsmuir North and South oilfields and straddle the western end of the North Buchan Trough.

GLENN

The Glenn oil accumulation is a faulted horst structure with oil entrapped within late Jurassic, shallow marine Sgiath Formation sands.The Glenn Field was discovered in 1975 by the drilling of the 21/2-1 well. This well tested oil from two zones within the Sgiath sand interval – these zones included DST #5 (12,899-12,923ft) which finally flowed at c. 3,650 BOPD with 5% Base Sediment and Water (BS&W) and DST #6 (12,820- 12,860ft) which flowed at a stabilised rate of 1,792 bopd (35 degrees API) with 2% BS&W after acidisation.

ZERMATT

The Zermatt J64 prospect concept is a combined stratigraphic-structural trap, involving termination of an Upper Jurassic isopach thick on to the flanks of the surrounding highs. A J63 to J64 reservoir interval is proposed, with the top, lateral and base seals provided by claystones of the Kimmeridge Clay Formation. Source intervals are organic rich claystone of the Kimmeridge Clay and Heather formations.

ATHENA

As a consequence of the falling oil price, in mid 2015 an agreement was reached with the Athena Consortium whereby all future liabilities (including decommissioning costs) owed to the Athena Consortium will be met by Trap’s partners in the Athena Consortium and repayment will only be sought by way of any realisations stemming from Trapoil’s existing licences, being P1610 Block 13/23a (Magnolia), P1666 Block 30/11c (Romeo), P1889 Blocks 12/26b & 27 (Niobe), P1989 Blocks 14/11, 12 & 16 (Homer) and P2170 Blocks 20/5b & 21/1d (Cortina).

Channel Islands and United kingdom

MARCUS STANTON - NON-EXECUTIVE CHAIRMAN

Marcus Stanton has extensive experience in the oil & gas and banking industries and has been a Non-­Executive Director of a number of AIM quoted companies over the past 20 years, including Velosi Group Limited (international oil and gas services), Cardinal Resources plc (oil and gas E&P) and chairman of JOG since 2015.  Marcus qualified as a Chartered Accountant at Arthur Andersen, where he worked in the oil and gas division. Previously held banking roles include Chief Operating Officer of Global Capital Markets, Robert Fleming & Co. and Director, Corporate Finance, at Hill Samuel & Co. Marcus also provides expert evidence on banking transactions, both in the UK and overseas.  He is a Fellow of the Institute of Chartered Accountants in England and Wales and a Chartered Fellow of the Chartered Institute for Securities and Investment. He is Chairman of the Jersey Oil and Gas plc Audit Committee and a member of its Remuneration and Nomination Committees. Marcus graduated from Oriel College, Oxford.

ANDREW BENITZ - CHIEF EXECUTIVE OFFICER

Andrew Benitz was a Founding Director of Jersey Oil and Gas E&P Ltd (now a subsidiary of Jersey Oil and Gas plc) and has over 17 years’ experience in financial markets and company management. Prior to co-founding Jersey Oil and Gas, Andrew was Chief Executive Officer and Director at Longreach Oil and Gas Ltd, a TSX-V listed company. He joined Longreach in 2009 as Chief Operating Officer when it was a small private company and helped oversee the company’s growth, building a significant portfolio of oil and gas assets in Morocco.

Prior to his move into industry, Andrew worked at Deutsche Bank AG as an Analyst within the Oil and Gas Investment Banking Group as well as within the Equity Capital Markets team, where he worked on a broad range of oil and gas M&A transactions, together with equity and equity related financings. Andrew is also founder and Director of Titan Properties SL, a real estate business in Spain. He completed his undergraduate studies at Edinburgh University graduating with a Bachelor of Commerce (Honours).

RON LANSDELL - CHIEF OPERATING OFFICER

Ron Lansdell is Chief Operating Officer and a founder director of Jersey Oil & Gas. Previously he was VP E&P at Longreach Oil and Gas responsible for exploration in Morocco. Ron held a number of senior technical and commercial roles during a 13 year career at Eni. These roles included roles in Nigeria, Kazakhstan and exploration management in the Atlantic Margin UK, Faroes and Ireland. He began his career in 1972 in seismic data acquisition and processing, initially at Digicon and then at CGG in London, before joining Elf in Norway and then BHP Petroleum as Exploration Coordinator, Western Australia.

Ron spent nine years with Elf (in Norway, France and Syria) and then joined QP as Chief Geophysicist in Qatar before joining Eni. Ron graduated in geology from the University of London. He is a member of the IOD, PESGB and a Fellow of The Geological Society.

VICARY GIBBS - CHIEF FINANCIAL OFFICER

Vicary Gibbs is a corporate financier with over 20 years’ experience advising oil and gas companies. He began his career at Robert Fleming & Co. in their London oil and gas team. During his career he subsequently worked for a variety of different Investment Banks’ oil and gas teams including Deutsche Bank (London and Houston), Bank of America, Hawkpoint and BMO Capital Markets.

Vicary’s extensive experience includes a multitude of sell-side and buy-side asset and corporate M&A deals, strategic advisory, restructuring, privatisation and capital raising transactions. Vicary has a BA in Business Administration.

FRANK MOXON - NON-EXECUTIVE DIRECTOR

Frank Moxon has nearly 30 years’ experience as a corporate financier and financial adviser to companies, from start-ups to over £3 billion in size, in a wide range of industry sectors.  However, he has specialised for the last 20 years in oil & gas and mining. Frank has held a number of senior management roles within the financial services industry and, in addition to being senior independent director at Cove Energy Plc, has been a director of various oil & gas and mining companies listed in London, Australia and Canada. Frank is currently also a non-executive director of AIM-quoted Harvest Minerals Ltd and of East of England Co-operative Society.  He has a BSc in Economics and is an Honorary Chartered Fellow of the Chartered Institute for Securities & Investment, a Fellow of the Energy Institute and of the Institute of Materials, Minerals & Mining and a member of the Petroleum Exploration Society of Great Britain. Frank is chairman of the Jersey Oil and Gas plc Remuneration and Nomination Committees and a member of its Audit Committee.

CHRIS HAYNES - OBE - ADVISOR TO THE BOARD

Mr Haynes is a non-executive director of Woodside Petroleum Limited and Worley Limited. Chris has a wealth of experience gained from a 39-year career with the Shell Group of Companies and their affiliates where, in 2008, Chris assumed responsibility for the delivery of Shell’s major upstream projects worldwide. He retired from Shell in August 2011. Subsequently, Chris has worked in oil and gas exploration and production, LNG and chemicals businesses, primarily in project development and delivery, and in operations. Chris graduated from the University of Manchester with a Bachelor of Science degree with Honours in Mechanical Engineering and obtained his Doctorate in Applied Sciences from the University of Sussex. He is a Chartered Engineer and Fellow of the Institution of Mechanical Engineers in the United Kingdom and also a Fellow of the Institution of Engineers, Australia. Chris was appointed to the Order of the British Empire in June 2009 for his services to the British oil and gas industry in Nigeria and is also a Fellow of the Royal Academy of Engineering in the United Kingdom.

HEAD OFFICE

Jersey Oil and Gas PLC
Ground Floor
5 St Andrew’s Place
St Helier, Jersey
Channel Islands
JE2 3RP

+44(0)1534 858 622

+44(0)115 986 2412

LONDON OFFICE

Jersey Oil and Gas PLC
10 Arthur Street
London
EC4R 9AY

Arden Partners plc
125 Old Broad Street
London
EC2N 1AR

BMO Capital Markets
95 Queen Street
London
EC4V 4HG

FINANCIAL AND NOMINATED ADVISER

Strand Hanson Limited
26 Mount Row
London W1K 3SQ

Percentage of securities not in public hands: 8.42%

Number of shares in issue: 21,829,227 (with a nominal value of 1p each)

Last updated: 10 September 2020

FINANCIAL AND NOMINATED ADVISER

Strand Hanson Limited
26 Mount Row
London W1K 3SQ

BROKERS

Arden Partners plc
125 Old Broad Street
London
EC2N 1AR

AUDITORS

PricewaterhouseCoopers LLP
32 Albyn Place
Aberdeen AB10 1YL

FINANCIAL PR

Camarco
107 Cheapside
London
EC2V 6DN

REGISTRARS

Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex BN99 6DA

LEGAL COUNSEL

Pinsent Masons LLP
30 Crown Place
Earl Street
London
EC2A 4ES

COMPANY SECRETARY

MSP Secretaries Limited
27/28 Eastcastle Street
London
W1W 8DH