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26 Sep 2019
Jersey Oil & Gas - Interim results
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Jersey Oil & Gas - Interim results
Jersey Oil & Gas PLC (JOG:LON) | 156 2.3 1.0% | Mkt Cap: 51.0m
- Published:
26 Sep 2019 -
Author:
Jonathan Wright -
Pages:
7
A year of two halves so far, with the Verbier appraisal well disappointment compensated for by the award of licences containing material discovered resource in the Greater Buchan Area of the Central North Sea. Management is now getting on with advancing this hub development project – Field Development Planning work is underway, with key project team and contractor appointments in progress. A new CPR for the Buchan blocks has been commissioned and licence P2170 subsurface re-interpretation is ongoing following seismic reprocessing. Future drilling plans are anticipated to be made towards the end of the year. Cash on the balance sheet at period-end stood at £15.5m, which should be sufficient to fund the compilation and submission of the requisite FDP. We maintain our Buy rating and raise our target price by 13% to 349p to reflect the recent award of additional UK acreage containing discovered resource.