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21 May 2019
Jersey Oil & Gas - 2018 results
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Jersey Oil & Gas - 2018 results
Jersey Oil & Gas PLC (JOG:LON) | 156 2.3 1.0% | Mkt Cap: 51.0m
- Published:
21 May 2019 -
Author:
Jonathan Wright -
Pages:
4
JOG’s cash position remains strong, leaving it well funded for the re-evaluation and further drilling on its P2170 licence after the disappointing Verbier appraisal well earlier this year. However, the next drilling event is unlikely until H2 2020 at the earliest. Before that, it will update resource estimates through the summer, integrating the Verbier well data with 3D seismic. A new CPR is expected in Q4, when a decision on the next drilling location is also possible. M&A remains elusive, but JOG could potentially expand its UKCS acreage via a recent licencing round, which would complement its existing acreage. For now we are maintaining our Hold rating despite meaningful upside to our 111p price target – the summer looks set to be quiet for newsflow as JOG focuses on reassessing its acreage potential.