Sector News

Jersey Oil & Gas confident of getting North Sea acquisition targets

April 25, 2016

Jersey Oil & Gas Plc has told investors that it remains confident in its ability to close in on a number of North Sea acquisition targets during 2016.

The company – formerly Trapoil Group – highlighted in this morning’s financial results statement that an active acquisition and divestiture market exists in the UK North Sea region, and the continued depressed oil price environment is providing increasing numbers of opportunities.

It says it is involved in nine active asset sales processes, relating to interests in a total of 25 fields.

Andrew Benitz, the company’s chief executive, said: “Since the JOG team joined the company in August 2015, we have remained singularly focussed on seeking to acquire positive cashflow generating production assets within the UK Continental Shelf region of the North Sea and are continually sourcing opportunities to grow the company.

“With some current stability around the US$40+ per barrel level and with fundamentals in favour of an oil price recovery later this year, we remain excited about the company’s prospects for 2016 and our ability to secure attractive producing assets and look forward to updating shareholders on our progress in due course.”

During 2015, the company was restructured and relaunched as Jersey Oil & Gas, Benitz joined in the summer alongside chief operating officer Ron Lansdell.

The pre-revenue exploration company reported a £1.4mln loss for 2015, and said it had £900,000 of cash at December 31 2015.

By Jamie Ashcroft

Source: Proactive Investors

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Food & Drink

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

How can we help you?

We're easy to reach