Jersey Oil & Gas today announced it's unaudited Interim Results for the six month period ended 30 June 2021.

Highlights:

• Material increase in our resource estimates for the Buchan oil field following completion of extensive reservoir simulation modelling
• Contingent P50 technically recoverable resources for the Buchan oil field now estimated at 126 MMstb
• Contingent P50 technically recoverable resources for the Greater Buchan Area ("GBA") Core Area (Buchan, J2 and the Verbier discoveries) increased to an estimated 172 MMboe
• Concept Select Report completed and submitted to the UK's Oil and Gas Authority ("OGA")
• Detailed report sets out a three phase development, with Phase 1 designed to develop the Buchan oil reservoir; Phase 2 the J2 West, J2 East and Verbier East oil discoveries; and Phase 3 the Verbier West oil discovery (the "GBA Development")
• Report also includes JOG's preference for the GBA Development to be powered by electricity, which would significantly reduce the carbon emissions associated with production from the GBA Development
• Oversubscribed placing and subscription to raise, in aggregate, £16.6m gross
• Acquisition of the remaining 12% interest in licence P2170 containing the Verbier discovery from CIECO V&C (UK) Limited to bring our interest to 100% across all of our GBA licences
• Appointment of Les Thomas to the Board as a non-executive director
• Launched sales process to farm-out an interest in our GBA licences to secure an industry partner and funding towards our future share of costs in the development
• Strong cash position of approximately £17m at the period end

Post Period End:

• Offshore survey to acquire geotechnical and environmental baseline data completed
• Technical and economic evaluation of P2497 (Zermatt) and P2499 (Glenn) licences completed, with JOG electing not to progress to the next licence phase and relinquish these non-core licences
• OGA has approved JOG's application to be the 'Installation Operator' for the 'Design Phase' of the planned Buchan platform

Outlook:

• Farm-out process ongoing and engaged in discussions with both industry parties and potential infrastructure funders
• Regional electrification collaboration within the Central North Sea is building momentum amongst industry parties, with the GBA ideally located to be an integral part of this initiative

Andrew Benitz, CEO of Jersey Oil & Gas, said:
"The first half of 2021 has been a busy period for JOG. Extensive reservoir modelling was completed leading to a significant increase in management's estimates of the GBA's resources and the delivery to the OGA of the GBA Concept Select Report, which includes our preference for a fully electrified platform. The OGA's approval of the appointment of JOG as OSD Installation Operator represents a significant endorsement of our capabilities and competencies to deliver GBA facilities of the highest technical integrity that will be both safe to operate and environmentally sound.

"Our GBA farm-out process was launched and is ongoing, with active engagement with both industry parties and infrastructure funders, the latter having expressed funding interest particularly with respect to electrification of the development and the potential regional collaboration opportunities that exist. We also launched our Carbon Policy and are targeting 'Net Zero' emissions from our GBA Development project at the start of first oil.

"I would like to thank shareholders for their ongoing support and look forward to providing further updates on our future progress."