Directorate Changes

RNS Number : 8135A

Jersey Oil and Gas PLC

01 October 2015

 

01 October 2015

Jersey Oil and Gas plc

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

Directorate Changes

Jersey Oil and Gas (AIM: JOG), which is pursuing a production led acquisition strategy in the North Sea, is pleased to announce the appointment of Frank Moxon as non-executive Director and that Elwyn Jones, non-executive Director, will step down from the Board  with effect from 1^st October 2015.

Mr Moxon has over 25 years' experience as a corporate financier developing and growing companies in a wide range of industrial sectors. He has specialised for 17 years in natural resources, and is or has been a director of a number of mining and oil & gas companies quoted in London, Australia and Canada. Amongst other things, he is a former head of corporate finance at Williams de Broë Plc and, until its August 2012 sale to PTT for £1.2 billion, was senior independent non-executive director at Cove Energy Plc. Currently, Mr Moxon is Managing Director of Hoyt Moxon Ltd, a corporate finance consultancy. He has a BSc in Economics and is a Chartered Fellow of the Chartered Institute for Securities and Investment, a Fellow of the Energy Institute and a member of the Petroleum Exploration Society of Great Britain.

Mr Moxon will Chair the Remuneration Committee and Nomination Committee and will sit as a member of the Audit Committee.

Marcus Stanton, Chairman of Jersey Oil and Gas, commented:

"I am delighted to welcome Frank to the Board and look forward to working with him in the years ahead. Frank brings with him 25 years' experience in corporate finance and 17 years' experience working within the Oil & Gas sector. We look forward to benefiting from his considerable experience given the recent implementation of our new strategy and focus on M&A opportunities.

"I would like to thank Elwyn for his contribution to the Board and Company, and wish him well in his future projects."

**Ends**

Notes to editors:

Before being acquired by Jersey Oil and Gas plc on 14 August 2015, Jersey Oil and Gas E&P Ltd. was incorporated in Jersey on 7 March 2014 and was established by an experienced exploration and production team with a multinational track record of operating assets and managing upstream-focussed oil and gas companies. 

Andrew Benitz, CEO was Director of Longreach Oil and Gas Ltd. and previously worked at Deutsche Bank within the Oil and Gas Corporate Finance team and within the Equity Capital Markets team. The COO of the Company is Ron Lansdell who also joined the Board on completion of the JOG acquisition.  Ron was Vice President of Exploration and Director at Longreach Oil and Gas Ltd. and has held a number of senior technical and commercial roles during a 15 year career at ENI S.p.a./Agip ("ENI/Agip"). These roles included being posted to Nigeria, Kazakhstan and the United Kingdom.

JOG's strategy is focused on maintaining, developing and exploiting a portfolio of North Sea assets with a greater focus on producing assets in order to seek to unlock the inherent value in the Group's existing tax losses and will seek to assess and acquire potential further North Sea oil and/or gas producing assets, some of which have already been identified and are currently undergoing due diligence and/or subject to ongoing commercial negotiations. Any acquisitions that are taken forward will be financed from one or more of the combined group's balance sheet, the proceeds from strategic sales of selected parts of the combined group's asset portfolio and further equity and debt capital raises. 

The target acquisition profile includes mature production assets with long profiles and upside potential, oil and/or gas from a sub-sea tie-back, satellite fields, or production-based tariff agreements with limited exposure to host platform costs, low capex and opex costs and manageable decommissioning liabilities. 

Additional information on the Directorate Appointment

The following additional information is provided in accordance with AIM Rule 17 and Schedule Two, paragraph (g) of the AIM Rules for Companies:

Frank Hoyt Moxon (aged 49)

Current directorships/partnerships

Chartered Institute for Securities & Investment

Hoyt Moxon Ltd

Hoyt Moxon Capital Ltd

Imperial Minerals Plc

Imperial Minerals (UK) Limited

Mapal Group plc

Swala Energy Ltd

Previous directorships/partnerships (last 5 years)

Cove Energy Plc

Diabetes UK Services Ltd

EastCoal, Inc.

Reach Volunteering

Silvermere Energy plc

The British Diabetic Association

Whetstone Minerals Ltd

Hoyt Moxon Ltd., a company wholly owned by Frank Moxon, is beneficially interested in 80,390 ordinary shares in Jersey Oil and Gas, representing approximately 0.96 per cent. of the currently issued share capital.

Mr Moxon was a non-executive director of Silvermere Energy Plc which entered into a creditors' voluntary arrangement approved by creditors and shareholders on 16 August 2013 and completed on 20 December 2013. Total unsecured claims amounted to £1,043,532. Under the terms of the CVA creditors were issued with equity in the company (which was renamed Tern Plc and is quoted on AIM) in lieu of cash in order to settle all claims. 

Mr Moxon was a non-executive director of EastCoal Inc. from October 2012 until October 2013 which entered into a form of creditors' voluntary arrangement (under Canadian law) approved by creditors on 22 April 2014 and completed in August 2014. Total secured and unsecured claims amounted to C$3,026,122 in respect of which there was a deficiency of C$2,575,154. Under the terms of the arrangement creditors each received a cash payment of approximately 15 per cent. (pre-tax) of monies owed.  

Mr Moxon was a non-executive director of Whetstone Minerals Ltd until March 2013 which was voluntarily wound up without the appointment of a liquidator in December 2013 with net assets of approximately $1.4 million. 

Other than the information set out above there is no other information required to be disclosed in connection with the appointment of Mr Moxon under AIM Rule 17 and Schedule Two, paragraph (g) of the AIM Rules for Companies.

Enquiries:

Jersey Oil & Gas plc	Andrew Benitz, CEO	Camarco: Tel:  [phone]
Strand Hanson Limited	James Harris Matthew Chandler James Spinney	Tel:  [phone]
FirstEnergy Capital LLP	Hugh Sanderson David van Erp	Tel:  [phone]
Camarco	Billy Clegg Georgia Mann	Tel:  [phone]

 

END

 

 

BOAEASNEDSPSEFF