News Oil & Gas

JOG holds £6.6m after reducing losses for GBA

Jersey Oil & Gas plc (JOG) reduced its losses to leave it holding cash of £6.6 million for its assets in the Greater Buchan Area in the central North Sea.

FINANCES

Final results for the year ended 31 December 2022 showed JOG’s losses decreased to £3.1m (2021: £4.2m).

The development company has yet to generate a revenue, only receiving “modest” amounts of interest on its cash capital.

JOG’s main expenditure during 2022 related to technical studies on “parallel development options for the GBA development project”.

OUTLOOK

The company expects its cash position to improve from milestone payments, totalling $24m, in the 50% farm-out terms agreed post period with joint venture partner NEO.

Chief executive Andrew Benitz added that 2022 had been an “instrumental year in securing the future success of the company”.

“The GBA is a high-quality re-development, which is on track to generate significant value for the company and its shareholders. 

“With the route for execution of the development programme now firmly established, the company looks forward to unlocking the many value catalysts that mark the run up to approval of the project and beyond.”