Licence Extension & Assignment Approvals

7 June 2023

Jersey Oil and Gas plc

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

Licence Extension & Assignment Approvals

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 P2498 "Buchan" Licence.  The Company is also pleased to report that the NSTA has approved the Company's request to assign a 50% working interest in both licence P2498 and licence P2170 ("Verbier") to NEO Energy ("NEO"), as part of the recently announced Greater Buchan Area farm-out transaction.

The Second Term of licence P2498 has been extended by 18 months to 28 February 2025.  The extension was requested in order to provide the licensees with the time required to prepare a Field Development Plan ("FDP") for the redevelopment of the Buchan field, which is planned for submission to the NSTA during 2024.  Following FDP approval the licence moves into the Third Term, which covers the development and production phase of activities for the life of the field.

Following these approvals, the Company has now satisfied the conditions precedent associated with the farm-out of the 50% interest in licence P2498 to NEO.  In terms of the P2170 licence assignment to NEO, the Company is in the process of completing the final outstanding condition precedent.  It is anticipated that completion of both licence assignments will occur in June 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, which includes operatorship and, prior to completion of the announced farm-out to NEO Energy, a 100% working interest in Licence P2498 (Blocks 20/5a, 20/5e and 21/1a) that contains the Buchan oil field and J2 oil discovery and an 100% working interest in Licence P2170 (Blocks 20/5b & 21/1d) that contains 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 may contain certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with an 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.

All figures quoted in this announcement are in US dollars, unless stated otherwise.

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 by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.