29 November 2022

Jersey Oil and Gas plc

("Jersey Oil & Gas" or the "Company")

Licence Extension

Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, is pleased to announce that the North Sea Transition Authority ("NSTA") has approved an extension to the Second Term of its P2170 "Verbier" Licence.  This licence is now aligned with JOG's P2498 "Buchan" Licence with the current phase expiring end of August 2023, in keeping with the Company's stated strategy of developing the Greater Buchan Area ("GBA") as an area-wide development plan.

Following a recent period of fiscal uncertainty, confirmation of the retention of the investment allowance as part of the recent amendments to the UK's Energy Profits Levy is welcome, as we progress advanced commercial discussions with a select number of counterparties in relation to the Company's GBA farm out process. 

Andrew Benitz, CEO of Jersey Oil & Gas, commented:

"We are pleased that the NSTA has agreed to extend the Second Term of the Verbier Licence in order to align it with the rest of our GBA asset base.  Although multiple fiscal changes have slowed progress with closing out commercial farm-out discussions, we look forward to a successful conclusion if not by the end of the year then certainly in Q1 2023."

Enquiries:

Notes to Editors:

Jersey Oil & Gas is a UK E&P company focused on building an upstream oil and gas business in the North Sea. The Company holds a significant acreage position within the Central North Sea referred to as the Greater Buchan Area ("GBA"), which includes operatorship and 100% working interests in blocks that contain the Buchan oil field and J2 oil discovery and an 100% working interest in the P2170 Licence Blocks 20/5b & 21/1d, that contain the Verbier oil discovery and other exploration prospects.

JOG is focused on delivering shareholder value and growth through creative deal-making, operational success and licensing rounds. Its management is convinced that opportunity exists within the UK North Sea to deliver on this strategy and the Company has a solid track-record of tangible success.

Forward Looking Statements

This announcement contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas business.  Whilst the Company believes the expectations reflected herein to be reasonable in light of the information available to it at this time, the actual outcome may be materially different owing to factors beyond the Company's control or otherwise within the Company's control but where, for example, the Company decides on a change of plan or strategy.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.