Jersey Oil & Gas annual results see shares climb

AIM-listed oil and gas explorer Jersey Oil & Gas (LON:JOG) saw its share price climb by 24.96% to 71.85p (as of 15:00 BST) despite posting a £2 million loss before tax for the year ended 31st December. The company is to continue to wait for the final 3D seismic survey data as well as the results of a recent set of supplemental licensing awards that could be beneficial for the Verbier discovery area.

CEO Andrew Benitz commented: “JOG continues to benefit from our initial Verbier oil discovery announced in 2017, notwithstanding the recent appraisal well results. We look forward to delivery of the new 3D seismic data and working with our co-venturers on assessing potential future appraisal and exploration drilling opportunities on the licence area. Additionally, we are excited by the potential for a new area hub catalysed by the 31st Supplementary Offshore Licensing Round and the positive impact we believe this will have for Verbier.

“The Company benefits from a strong funding position and we are optimistic that we can create value for shareholders through our core asset base, with multiple catalysts that exist for the Company through the remainder of 2019“.