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Jersey Oil & Gas to undertake fundraising to raise up to £15 million
StockMarketWire.com
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Jersey Oil & Gas has announced its intention to undertake a fundraising of up to £15 million by way of a placing of, and a subscription by certain of the company's directors for, new ordinary shares.
In addition, the company intends to launch an offer to qualifying participants to raise up to a further £2 million at the issue price.
The placing will be effected by way of an accelerated bookbuild at a price of 165p per placing share.
A further announcement confirming the closing of the Bookbuild and the number of new Ordinary Shares to be issued pursuant to the Placing is expected to be made in due course.
Andrew Benitz, Vicary Gibbs, Ronald Lansdell and Marcus Stanton have indicated their intention to subscribe for up to £60,000 in aggregate for up to 36,361 new ordinary shares at the issue price. Further details of such subscription by the participating directors will be set out in the announcement to be made following closure of the bookbuild.
Completion of the placing and subscription is subject, inter alia, to shareholder approval of the resolutions to authorise the issue of the placing shares and subscription shares, which will be sought at a General Meeting to be held at 10.00 am on 14 April 2021.
On 3 March 2021, the company announced the key findings of its 'concept select report' in respect of its Greater Buchan Area (development project, which set out a three-phase development approach centred around a single integrated wellhead, production, utilities and quarters platform located at the Buchan field - the GBA hub.
The development concept is based on P50 technically recoverable resource estimates of, in aggregate, 172 million barrels of oil equivalent of light sweet crude and associated gas within the core GBA, which includes the Buchan oil field and J2 and Verbier oil discoveries.
Jersey Oil & Gas aims to deliver production from the planned GBA development project at an industry leading carbon intensity level due to platform electrification, as seen in certain fields in the Norwegian sector.
Andrew Benitz, CEO of Jersey Oil & Gas, said: 'Over the past three years, Jersey Oil & Gas has made significant progress in developing what has become a flagship project for the North Sea. Our recently announced development concept for the Greater Buchan Area is based on 172 MMboe of 2C contingent resource estimates with significant exploration upside potential and aims to deliver initial production of up to 40,000 bopd. The GBA hub is planned to be one of the first electrified platforms in the basin as we seek to deliver future production at industry leading carbon intensity levels.
'Given this potential, it is imperative that, as we move into the next key phase for the project, namely, the farm-out process, which I am pleased to report has recently formally been launched, Jersey Oil & Gas is financially robust such that it can conduct negotiations from a position of greater strength whilst at the same time maintaining momentum on the project's other workstreams.'
At 1:47pm: (LON:JOG) Jersey Oil And Gas Plc share price was 0p at 98p
Story provided by StockMarketWire.com
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