Jersey Oil & Gas has reached a settlement with TGS-Nopec Geophysical Company following an agreement entered into with TGS on 9 February 2018.  Under the agreement, TGS claimed uplift payments from JOG totalling US$1,050,838 in respect of: a) licence awards to Jersey Petroleum Limited ("JPL") in the Oil & Gas Authority's ("OGA's") 31st Supplementary Offshore Licencing Round; and b) the acquisition by JPL of Equinor UK Limited's 70% interest in Licence P2170 (Verbier).  Jersey Oil and Gas has disputed the validity of both claims, following which two hearings have taken place in the Norwegian courts. On the basis of legal advice received, JOG has negotiated and agreed a final settlement payment to TGS of US$850,000.

Following this payment, which is settling a one-off and isolated dispute, the group's estimated cash position at 31 December 2020 was c.£5m, which is c.£3m ahead of the company's initial 2020 budgeted year-end cash balance.

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