JOG

Jersey Oil And Gas Plc

192.50
-1.50 (-0.77%)
Share Name Share Symbol Market Type Share ISIN Share Description
Jersey Oil And Gas Plc LSE:JOG London Ordinary Share GB00BYN5YK77 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.50 -0.77% 192.50 24,517 08:00:26
Bid Price Offer Price High Price Low Price Open Price
190.00 195.00 192.50 192.50 192.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil And Gas Field Expl Svcs 0.00 -4.23 -13.00 - 62.67
Last Trade Time Trade Type Trade Size Trade Price Currency
16:12:42 O 220 195.00 GBX

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Jersey Oil And Gas Forums and Chat

Date Time Title Posts
06/6/202308:47Jersey Oil and Gas - a new trap ?5,044
14/4/202315:52Jersey Oil and Gas - North Sea Oil4,088
30/10/202116:59Don't Lose Your Jersey-
10/2/202018:45JOG Mind the Gap. Careful of the paid Ramper44
31/10/201810:16Oil is Dead84

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Jersey Oil And Gas (JOG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
15:12:43195.00220429.00O
14:40:09194.131,7973,488.43O
14:22:28194.151,5422,993.79O
14:18:44194.15300582.45O
13:50:23191.507,50014,362.50O

Jersey Oil And Gas (JOG) Top Chat Posts

Top Posts
Posted at 24/5/2023 22:03 by highlyunlikely
In case it's of interest, I've set out below the text of a post I made on the other board yesterday, in response to a question Greener had asked about JOG's tax losses. I expanded the subject somewhat - people can form their own views on the assumptions I uaed:
"TRAP acquired JOG in 2015 and changed its name to what it is now. The CI company (founded by AB and RL) is now a 100% subsidiary called Jersey Oil & Gas E & P Ltd. At the time the transaction was completed, TRAP (now JOG) had about £25m of unrelieved tax losses available for offset against future profits, in accordance with UK tax laws:

https://www.gov.uk/guidance/carry-forward-corporation-tax-losses

The Company has added to these losses since 2015, to the extent that the situation was described thus in JOG's 2021 financial statements: "At the year end, the usable tax losses within the Group were approximately £57 million (2020: £46million)".

The losses belong exclusively to JOG and not to anyone else - as they always will do. JOG is a stand-alone UK company, regardless of whatever agreements it may enter into with other parties.

Looking forward to 2026 (assuming that's the date of first oil from Buchan) my understanding is that, once production is established, the expectation is that production in the range of 30-35kboepd will be achievable. One assumes Neo has bought into this expectation, thereby giving it some measure of validation.

Assuming 330 days pa of production @30kboepd, a BC price of $75pb, Opex for JOG of $15pb (there shouldn't be much Capex as JOG will be substantially carried through to production) and JOG managing to retain 20% of the GBA licences, this could lead to a pre-tax profit per annum FOR JOG ALONE of something like $120m pa - or around £100m (significantly more than today's entire market worth) PER ANNUM.

Tax, of course, is the big unknown, with both Sunakhunt and Stoma seemingly intent on destroying an industry that is vital for our country's well-being and security. All in the name od cheap votes.

JOG's b/fwd tax losses will be a help, but they don't seem to me to be a game changer, given the eventual profitiability of the GBA licences.

dyor

Posted at 30/4/2023 08:28 by loglorry1
Terrible article and factually incorrect. There was no $24m minimum contribution from NEO. NEO have only committed $2m. JOG share price sold off because the farm out was a huge disappointmentment.
Posted at 06/4/2023 10:51 by ashkv
GBP 6.5 million -> JOG GBP 6.5 million Current Cash with JOG net of liabilities

USD 12.5 million -> 50% JOG of $25 million carry to Field Development Plan ("FDP") approval

USD 2 million -> $2 million cash payment on completion of the transaction

USD 9.4 million -> $9.4 million cash payment upon finalisation of the GBA development solution

USD 12.5 million -> $12.5 million cash payment on approval of the Buchan FDP by the NSTA

USD 5 million -> $5 million cash payment on each FDP approval by the NSTA in respect of the J2 and Verbier oil discoveries

GBPUSD = 1.24

GBP 6.5mn + (USD12.5/1.24) + *USD2mn/1.24) + (USD9.4mn/1.24)+ (USD12.5mn/1.24) + (USD 5mn/1.24) = GBP 30mn Cash with JOG or expected payments within the next 6 months to 24 months

So just on the basis of expected cash payments and cash on hand current market cap of GBP 85mn at share price of 260p is GBP 30mn cash or expected cash payment

Ridiculously low share price :(

Posted at 06/4/2023 08:22 by ashkv
GBP 6.5 million -> JOG GBP 6.5 million Current Cash with JOG net of liabilities.

USD 12.5 million -> 50% JOG of $25 million carry to Field Development Plan ("FDP") approval

USD 2 million -> $2 million cash payment on completion of the transaction

USD 9.4 million -> $9.4 million cash payment upon finalisation of the GBA development solution

USD 12.5 million -> $12.5 million cash payment on approval of the Buchan FDP by the NSTA

USD 5 million -> $5 million cash payment on each FDP approval by the NSTA in respect of the J2 and Verbier oil discoveries

GBPUSD = 1.24

GBP 6.5mn + (USD12.5/1.24) + *USD2mn/1.24) + (USD9.4mn/1.24)+ (USD12.5mn/1.24) + (USD 5mn/1.24) = GBP 30mn Cash with JOG or expected payments within the next 6 months to 24 months

So just on the basis of expected cash payments and cash on hand current market cap of GBP 85mn at share price of 260p is GBP 30mn cash or expected cash payment.

Ridiculously low share price :(

Posted at 06/4/2023 07:36 by ashkv
GBP 6.5 million -> JOG GBP 6.5 million Current Cash with JOG net of liabilities.

USD 12.5 million -> 50% JOG of $25 million carry to Field Development Plan ("FDP") approval

USD 2 million -> $2 million cash payment on completion of the transaction

USD 9.4 million -> $9.4 million cash payment upon finalisation of the GBA development solution

USD 12.5 million -> $12.5 million cash payment on approval of the Buchan FDP by the NSTA

USD 5 million -> $5 million cash payment on each FDP approval by the NSTA in respect of the J2 and Verbier oil discoveries

GBPUSD = 1.24

GBP 6.5mn + (USD12.5/1.24) + *USD2mn/1.24) + (USD9.4mn/1.24)+ (USD12.5mn/1.24) + (USD 5mn/1.24) = GBP 30mn

So just on the basis of expected cash payments and cash on hand current market cap of GBP 97mn at share price of 298p is GBP 30mn cash or expected cash payment.

Ridiculously low share price :(

Posted at 06/4/2023 07:25 by ashkv
Greater Buchan Area Farm-out

Thu, 6th Apr 2023 07:00
RNS Number : 5560V
Jersey Oil and Gas PLC
06 April 2023

6 April 2023

Jersey Oil and Gas plc

("Jersey Oil & Gas", "JOG" or the "Company")

Greater Buchan Area Farm-out

Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, is pleased to announce that it has agreed to farm-out a 50% interest in the Greater Buchan Area ("GBA") licences to NEO Energy ("NEO").

Highlights

§ Material value: The transaction delivers material value to JOG, including cash payments, funding through to Field Development Plan ("FDP") approval and a minimum 12.5% development expenditure carry to first oil for the 50% interest retained by the Company

§ Unlocks GBA resources: Unlocks the route to finalising the GBA development solution and monetisation of resources in excess of 100 million barrels of oil equivalent

§ Strong industry partner: NEO is a major UK North Sea operator producing approximately 90,000 barrels of oil equivalent per day and is backed by HitecVision, a leading private equity investor focused on Europe's offshore energy industry with $8 billion of assets under management

§ Value catalysts: Clear path to development sanction and first oil, with opportunity to create further value through additional farm-out transactions

§ Low carbon development: NEO and JOG are committed to evaluating options to give the GBA development flagship status for its low carbon credentials through the use of existing infrastructure and potential low carbon electrification options

Transaction Summary

In exchange for entering into definitive agreements to divest a 50% working interest and operatorship in the GBA licences to NEO, the Company will receive:

§ 12.5% carry of the Buchan field development costs included in the FDP approved by the North Sea Transition Authority ("NSTA"); equivalent to a 1.25 carry ratio

§ Carry for JOG's 50% share of the estimated $25 million cost to take the Buchan field through to FDP approval

§ $2 million cash payment on completion of the transaction

§ $9.4 million cash payment upon finalisation of the GBA development solution

§ $12.5 million cash payment on approval of the Buchan FDP by the NSTA

§ $5 million cash payment on each FDP approval by the NSTA in respect of the J2 and Verbier oil discoveries

The primary conditions precedent to completing the transaction are receipt of the approvals from the NSTA for the transaction and the associated extension of the Company's two GBA licences. Following completion of the transaction, operatorship of the licences will transfer to NEO.

The Company will be working in partnership with NEO to select the preferred development solution, having confirmed a short list of attractive options for the GBA which utilise existing North Sea infrastructure. The unstable fiscal conditions resulting from the introduction and revision of the Energy Profits Levy during 2022 have been challenging. As the joint venture moves forward towards first oil, which is targeted for 2026, it will be mindful of the future fiscal attractiveness of the UK.

The Company intends to farm-out additional equity in the GBA licences in order to ultimately retain a 20-25% carried interest in the development following FDP approval. NEO has an option to increase its 50% interest in the Buchan licence by up to an additional 37.5% in exchange for a further cash payment should any of JOG's equity share in the development remain unfunded ahead of FDP submission, with such payment being the pro-rated balance of future cash payments due to JOG post completion in relation to the GBA development solution and Buchan FDP as outlined above.

JOG remains well funded for its on-going and planned work programmes, with a cash balance of approximately £6.5 million as at 31 December 2022. It is intended that the cash payments anticipated to be received from NEO following completion of the transaction will be utilised to pursue the Company's stated growth strategy and provide additional working capital for the Company.

The Company intends to issue its financial results for the year ended 31 December 2022 in the second half of May 2023.

Andrew Benitz, CEO of Jersey Oil & Gas, commented:

"We are delighted to announce this transaction with NEO Energy, a well-funded industry heavyweight and the fifth largest producer in the UKCS. The farm-out marks a major value creation moment for JOG, a significant de-risking of the GBA development programme, from both an operational and funding perspective, and provides the springboard from which to grow the long-term value of the business. We are looking forward to working collaboratively with NEO Energy to select the optimal development solution for the GBA and taking the project through to sanction and on into future production."

Https://www.londonstockexchange.com/news-article/JOG/greater-buchan-area-farm-out/15907603

Posted at 06/4/2023 07:02 by pro_s2009
Greater Buchan Area Farm-out

Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, is pleased to announce that it has agreed to farm-out a 50% interest in the Greater Buchan Area ("GBA") licences to NEO Energy ("NEO").

Highlights

-- Material value : The transaction delivers material value to JOG, including cash payments, funding through to Field Development Plan ("FDP") approval and a minimum 12.5% development expenditure carry to first oil for the 50% interest retained by the Company

-- Unlocks GBA resources : Unlocks the route to finalising the GBA development solution and monetisation of resources in excess of 100 million barrels of oil equivalent

-- Strong industry partner : NEO is a major UK North Sea operator producing approximately 90,000 barrels of oil equivalent per day and is backed by HitecVision, a leading private equity investor focused on Europe's offshore energy industry with $8 billion of assets under management

-- Value catalysts : Clear path to development sanction and first oil, with opportunity to create further value through additional farm-out transactions

-- Low carbon development : NEO and JOG are committed to evaluating options to give the GBA development flagship status for its low carbon credentials through the use of existing infrastructure and potential low carbon electrification options

Transaction Summary

In exchange for entering into definitive agreements to divest a 50% working interest and operatorship in the GBA licences to NEO, the Company will receive:

-- 12.5% carry of the Buchan field development costs included in the FDP approved by the North Sea Transition Authority ("NSTA"); equivalent to a 1.25 carry ratio

-- Carry for JOG's 50% share of the estimated $25 million cost to take the Buchan field through to FDP approval

-- $2 million cash payment on completion of the transaction

-- $9.4 million cash payment upon finalisation of the GBA development solution

-- $12.5 million cash payment on approval of the Buchan FDP by the NSTA

-- $5 million cash payment on each FDP approval by the NSTA in respect of the J2 and Verbier oil discoveries

The primary conditions precedent to completing the transaction are receipt of the approvals from the NSTA for the transaction and the associated extension of the Company's two GBA licences. Following completion of the transaction, operatorship of the licences will transfer to NEO.

The Company will be working in partnership with NEO to select the preferred development solution, having confirmed a short list of attractive options for the GBA which utilise existing North Sea infrastructure. The unstable fiscal conditions resulting from the introduction and revision of the Energy Profits Levy during 2022 have been challenging. As the joint venture moves forward towards first oil, which is targeted for 2026, it will be mindful of the future fiscal attractiveness of the UK.

The Company intends to farm-out additional equity in the GBA licences in order to ultimately retain a 20-25% carried interest in the development following FDP approval. NEO has an option to increase its 50% interest in the Buchan licence by up to an additional 37.5% in exchange for a further cash payment should any of JOG's equity share in the development remain unfunded ahead of FDP submission, with such payment being the pro-rated balance of future cash payments due to JOG post completion in relation to the GBA development solution and Buchan FDP as outlined above.

JOG remains well funded for its on-going and planned work programmes, with a cash balance of approximately GBP6.5 million as at 31 December 2022. It is intended that the cash payments anticipated to be received from NEO following completion of the transaction will be utilised to pursue the Company's stated growth strategy and provide additional working capital for the Company.

The Company intends to issue its financial results for the year ended 31 December 2022 in the second half of May 2023.

Andrew Benitz, CEO of Jersey Oil & Gas, commented :

"We are delighted to announce this transaction with NEO Energy, a well-funded industry heavyweight and the fifth largest producer in the UKCS. The farm-out marks a major value creation moment for JOG, a significant de-risking of the GBA development programme, from both an operational and funding perspective, and provides the springboard from which to grow the long-term value of the business. We are looking forward to working collaboratively with NEO Energy to select the optimal development solution for the GBA and taking the project through to sanction and on into future production."

Posted at 03/3/2023 10:02 by ashkv
What's with this loser Kakapo1 - seems to be a troll / perma bear on JOG


Jersey Oil and Gas - a new trap ? - Post 4702

JOG Jersey Oil And Gas Plc
Author: kakapo1 Posted on: 03 Mar 2023 09:31

kakapo1

Oh dear, seems the Equinor Deal with Suncors is causing the sap to rise again.
Jersey Oil and Gas - a new trap ? - Post 4667

JOG Jersey Oil And Gas Plc
Author: kakapo1 Posted on: 21 Feb 2023 10:43

kakapo1

Investors should carefully consider the caviat that accompanied the November RNS. It is standard wording but gives the company ample room to " get out
Jersey Oil and Gas - a new trap ? - Post 4623

JOG Jersey Oil And Gas Plc
Author: kakapo1 Posted on: 29 Nov 2022 21:49 Downvotes: 1

kakapo1

CM you claim Equinor were never involved in Verbier? You believe Equinor did not have 1st refusal in GBA? Did you realise it took Equinor less than 3
Jersey Oil and Gas - a new trap ? - Post 4619

JOG Jersey Oil And Gas Plc
Author: kakapo1 Posted on: 29 Nov 2022 12:25 Downvotes: 1

kakapo1

Catching Mice what a lulu you are, now talking the price down and then ramping. You need to hone your Trading skills to become a little more subtle.
Jersey Oil and Gas - a new trap ? - Post 4609

JOG Jersey Oil And Gas Plc
Author: kakapo1 Posted on: 25 Nov 2022 11:59 Downvotes: 1

kakapo1

CM check the date of my post and where the share price was. The share price started its dramatic fall on the 21st and has continued to tank since, which suite you well,
Jersey Oil and Gas - a new trap ? - Post 4607

JOG Jersey Oil And Gas Plc
Author: kakapo1 Posted on: 20 Nov 2022 18:51 Upvotes: 2

kakapo1

Avoid or not the can is in perpetual motion, is being kicked down the road. Meanwhile the execs continue to draw exorbitant salaries which is burning
Jersey Oil and Gas - North Sea Oil - Post 4019

JOG Jersey Oil And Gas Plc
Author: kakapo1 Posted on: 23 Sep 2022 09:05 Upvotes: 1 Downvotes: 2

kakapo1

Words can be mesmerizingly bullish; it is actions that prove their worth.
Jersey Oil and Gas - North Sea Oil - Post 4015

JOG Jersey Oil And Gas Plc
Author: kakapo1 Posted on: 22 Sep 2022 15:04 Upvotes: 1

kakapo1

Readers and shareholders should refresh their memory by perusing the RNS of June 2021 and subsequent ones regarding GBA. Promises promises
Jersey Oil and Gas - North Sea Oil - Post 4012

JOG Jersey Oil And Gas Plc
Author: kakapo1 Posted on: 22 Sep 2022 07:41

kakapo1

Has AB bitten off more than he can chew? The saga continues. The dialogue subtly changes when words like "encouraging" are used! This situation (F/O)
Jersey Oil and Gas - a new trap ? - Post 4512

JOG Jersey Oil And Gas Plc
Author: kakapo1 Posted on: 14 Sep 2022 13:14 Upvotes: 2 Downvotes: 1

kakapo1

Seems PI's on the other board are becoming impatient and nervious, with good reason. They are beginning to realise in the current environment a F/O

Posted at 01/3/2023 16:10 by ashkv
Shocking share price performance with a new 52 week low...

Given what offshore wells cost to drill in the UK Continental Shelf... How the heck can a firm justify drilling in UK waters/joining the recent licensing round --> given the share price JOG is languishing with a paltry market value of GBP 50 million for an asset as described below - that has been proven up and progressed to FID!!!

"The Company holds a significant, and 100% owned, acreage position within the Central North Sea which it is progressing as the Greater Buchan Area (“GBA”) Development Project and includes the Buchan oil field, the J2 and Verbier oil discoveries in addition to a number of drill ready exploration opportunities.

JOG’s GBA acreage is estimated by management to contain 190 million barrels of oil equivalent (“MMboe”) 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."

"Phased GBA development plan – Phase 1 Buchan 2C resources >100MMb" - Given net cash on JOG's balance sheet - reserves trading at less than USD 0.50 cents... ridiculous :(

52 Week High 357.50
52 Week High Date 04-Oct-2022
52 Week Low 158.00
52 Week Low Date 01-Mar-2023

Posted at 01/12/2022 15:27 by nestoframpers
JOG share price is so bouncy it is bound to attract voices from either side of the fence . I go with CM myself , look at the presentations.

Material asset base across
multiple reservoirs –
>150MMbbl 2C resources1
▪ Drill-ready exploration
potential, >160MMbbl
unrisked2
▪ 100% GBA equity provides
control and flexibility to
achieve farm-out goals

GBA – one of the few remaining large-scale, development-ready UK North Sea oil fields
Multiple factors aligned to make the GBA a highly-prized investment opportunity
GBA farm-out key to maximising shareholder value

hTtps://wp-jerseyoilandgas-2020.s3.eu-west-2.amazonaws.com/media/2022/05/JOG-Corporate-Presentation-May-2022-.pdf

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