Jersey Oil and Gas Announces Interim Results for the 6M Period Ended 30 June 2022

Source: www.gulfoilandgas.com 9/22/2022, Location: Europe

Jersey Oil & Gas, an independent upstream oil and gas company ?focused on the UK Continental Shelf ("UKCS") region of the North Sea, is pleased to announce its unaudited Interim Results for the six month period ended 30 June 2022.

Highlights
- Favourable fiscal and macroeconomic developments have further bolstered interest in our on-going "Greater Buchan Area" ("GBA") farm-out process
- GBA farm-out process advancing as planned, with continued active engagement with multiple counterparties
- Substantial progress has been made, with the majority of interested parties forecast to complete their technical due diligence in October 2022
- Constructive commercial discussions are taking place with potential counterparties
- Cash position of approximately £8.7 million, with no debt, as at 30 June 2022 - well ahead of the group's forecast

Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"Great progress is being made with our GBA farm-out process - the key activity for the Group in 2022. Interest is strong, technical studies across the various development solutions are well advanced and commercial discussions are ongoing with serious, well-funded counterparties. Since launching the process, the Company's engagement strategy has been broadened to advance a range of competing development solutions, thereby providing increased optionality."


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