6th May 2021 17:26
Jersey Oil & Gas PLC - oil and gas exploration and production on UK Continental Shelf - Pretax loss for 2020 widens to GBP2.8 million from GBP2.1 million, with no revenue recorded in either period. Says cash position at end of year GBP5.1 million
"JOG has successfully progressed and further de-risked the development of the [Greater Buchan Area] during 2020. With increased ownership of acreage within the GBA via two acquisitions, a successful licence round award, the completion of the Concept Select phase and the significant uplift in our estimates of our GBA resources, we view the GBA development as one of the most exciting developments in the North Sea and one with the potential to deliver significant value to shareholders," company says.
Firm currently working towards being ready to enter the [Front End Engineering and Design] phase of the GBA project in the third quarter of this year, with final investment decision currently anticipated for late in the second half of 2022.
Current stock price: 156.00 pence, up 6.1% on Thursday
Year-to-date change: up 25%
By Lucy Heming;Â [email protected]
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