Jersey Oil & Gas notes certain media speculation in regard to the Company potentially undertaking an equity fundraise.

Further to the Company's announcement of 3 March 2021 setting out the findings of the Company's Concept Select report in respect of its Greater Buchan Area ("GBA") Development Project, the planned farm-out process has now been formally launched. The Company confirms that it is in discussions regarding a fundraising of between £10 to 15 million. The net proceeds of such a potential fundraise would be utilised to maintain momentum for the next phase of workstreams on the project and augment the Company's existing cash reserves during farm-out discussions.

Map source: Jersey Oil & Gas

The Company holds a significant acreage position within the Central North Sea referred to as the Greater Buchan Area ("GBA"), which includes operatorship and 100% working interests in blocks that contain the Buchan oil field and J2 and Glenn oil discoveries and an 100% working interest in the P2170 Licence Blocks 20/5b & 21/1d (subject to OGA approval of the acquisition of CIECO V&C UK Limited as announced on 26 November 2020), that contain the Verbier oil discovery and other exploration prospects.

JOG's total GBA acreage is estimated by management to contain 190 million barrels of oil equivalent of discovered P50 recoverable resources net to JOG, in addition to significant exploration upside potential of approximately 220 mmboe of prospective resources in close proximity to the Company's planned Buchan platform.  JOG has recently concluded the Concept Select phase of an FDP for the Greater Buchan Area and plans to progress into Front End Engineering and Design (FEED) later this year.

KeyFacts Energy: Jersey Oil and Gas UK country profile