Jersey Oil & Gas raises cash for North Sea well

Jersey Oil & Gas, a UK oil and gas company, has conditionally raised, in the aggregate, approximately £1.6 million (before expenses) through a placing of shares.

The company said that following investor interest which exceeded demand allowing the issue to be increased as well as a scaling back exercise to be undertaken, it has conditionally raised the amount through placing, of 1,454,547 new ordinary shares of 1 pence each in the capital of the company to new and existing shareholders at an issue price of 110 pence per Placing Share.

The issue price represents a discount of approximately 6.8 percent to the Jersey’s closing middle market share price of 118 pence on 29 November 2016.

The net proceeds of the placing will be used towards technical studies and evaluation in support of the committed Verbier exploration well planned for summer 2017 in the UK North Sea.

The rest will be used for general working capital purposes. This will, the company said, ensure the company is funded through the Verbier Well program and has sufficient working capital to continue to pursue its pipeline of production acquisition targets.

The company said: “Following receipt of the net proceeds of the Placing, the Company expects to have sufficient working capital to see itself through to 2018.“

Andrew Benitz, CEO of Jersey Oil & Gas, said: “Over the last year, the Company has successfully delivered on its stated strategy to de-risk its exploration portfolio most notably through its high impact farm-out in Licence P.2170 to Statoil. Today’s funding will allow us to conduct further technical studies to advance our knowledge of the Verbier Well ahead of drilling, which we believe will be of benefit to our shareholders. It further serves to strengthen the group’s financial position as we continue to pursue a number of production acquisition targets under evaluation in the UKCS.”

 

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2017 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

OGA 2017

OGA 2017 is the most beneficial way to meet, discuss and acquire the latest in the Oil & Gas industry! …

read more >

Offshore Technology Conference (OTC) 2017

The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance scientific…

read more >

Middle East Offshore Support Journal Conference

The 4th Annual Middle East OSJ Conference in Dubai brings together leading shipowners, oil and gas majors, shipbuilders, investors…

read more >

Future Conference: Wind & Maritime

The sixth Future Conference: Wind & Maritime – the conference in north-eastern Germany that connects wind wnergy with maritime industry…

read more >

Jobs>

Electrician

For one of our clients we are looking for a Ships Electrician. Our client is a company with worldwide activities. You will work in a rotation of 4 till 6 weeks on and off.

apply

Assistant Driller

Maersk Drilling Norge AS was established in 1990 and employs a staff of approximately 1000 people.

apply

QC Coordinator Offshore

Do you attach great importance to quality and do you have an affinity with offshore projects? Then read about what Van Oord can offer you.

apply