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
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