Directorate Changes and GBA Update
22 November 2021
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Directorate Changes and GBA Update
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf ("UKCS") region of the North Sea, is pleased to announce certain changes to the composition of the Company's board of directors (the "Board"), a senior management appointment and an update on its Greater Buchan Area ("GBA") farm-out process.
Highlights
· Les Thomas, formerly Non-Executive Director, has assumed the role of Non-Executive Chairman
· Graham Forbes, formerly Chief Financial Officer ("CFO") at Ithaca Energy Inc ("Ithaca Energy") from 2010 to 2020, appointed as CFO
· Richard Smith, previously Corporate Development Director at Ithaca Energy from 2010 to 2020, has joined the senior management team as Chief Commercial Officer
· JOG remains actively engaged with multiple counterparties, including major infrastructure funders with respect to electrification, with regards to its GBA farm-out process - macro environment has markedly improved since initial industry engagement
Board Changes
With immediate effect, Non-Executive Director, Les Thomas has assumed the role of Non-Executive Chairman, replacing Marcus Stanton, who, having served as Non-Executive Chairman for the last six years, will remain on the Board as a Non-Executive Director and chair of the audit committee. Les has over 35 years' experience in the oil and gas industry at Marathon Oil UK Limited and John Wood Group plc and, more recently, was Chief Executive Officer ("CEO") of Ithaca Energy from 2013 to 2020.
Graham Forbes has joined the Board as CFO with immediate effect. Graham is a Chartered Accountant with over 20 years' experience in the oil and gas industry and was CFO of Ithaca Energy from 2010 to 2020. He qualified as a Chartered Accountant at PriceWaterhouseCoopers before moving to ExxonMobil, where for over five years he worked on a variety of operational and acquisition-based projects. In 2002, Graham joined First Oil Group where, as Finance Director and then Executive Director, he helped develop the business into the UK's then largest privately owned E&P company. For the last 10 years he was CFO at Ithaca Energy, transforming the business through both organic developments and multiple acquisitions. He has extensive quoted company and corporate finance experience, having completed various debt and equity market offerings and the US$1.2 billion sale and subsequent delisting of Ithaca Energy.
In addition, Richard Smith has joined the Company's executive team as Chief Commercial Officer. Richard has over 20 years' experience in the oil and gas industry and wider energy sector, in various senior business development, commercial, corporate finance and strategy positions. He was previously Corporate Development Director at Ithaca Energy, where he spent 10 years working alongside Les and Graham to deliver its successful growth from being a small-cap E&P business into one of the largest independent UK North Sea oil and gas producers. Prior to joining Ithaca Energy, Richard spent eight years with TotalEnergies working in its UK North Sea business and at its head office in France. He commenced his career in the energy industry as a consultant at EA Technology, working on various financial and regulatory assignments associated with the liberalisation of the European electricity and gas industries.
Ron Lansdell and Vicary Gibbs have stepped down from the Board, having made valuable contributions to the Company's growth during their time serving as COO and CFO respectively. The Company is particularly appreciative of Ron and Vicary's collective efforts in bringing our core asset, the GBA development project, to its current level of maturity.
JOG has now reached a pivotal stage in the growth of its business and today's appointments mark the next important phase in the Company's development and delivery of its key strategic ambitions. Through successful portfolio management, delivery of development projects, accretive corporate and asset acquisitions, operational excellence and astute financial structuring, Les, Graham and Richard were collectively instrumental in leading Ithaca Energy from being a small-cap E&P business into one of the largest independent oil and gas producers in the UK North Sea and thereby delivered significant shareholder value. JOG's strategy of building a full cycle upstream oil and gas business in the UK North Sea represents a parallel business model to what this team achieved so successfully at Ithaca Energy.
GBA Update
JOG is also pleased to provide an update regarding its ongoing GBA farm-out process as follows:
· We remain actively engaged with multiple counterparties, with discussions focusing not only on our Preferred Development Concept but also around alternative concepts using existing third-party infrastructure
· JOG has received expressions of interest from major infrastructure operators with respect to funding the proposed electrification of the GBA development and the potential regional collaboration opportunities that exist
· JOG is advancing regional electrification collaboration efforts with various industry parties in the Outer Moray Firth. There is the exciting potential for an integrated solution on power supply stemming from planned future offshore wind projects. This follows the recent announcement from Crown Estate Scotland detailing its plans to launch a leasing process that will enable the provision of low carbon electricity to power oil and gas installations to decarbonise the sector
· Potential collaboration with the owners of other oil discoveries in the vicinity of the GBA has also been accelerated to see if a wider joint development programme can be achieved
Marcus Stanton, former Non-Executive Chairman of Jersey Oil & Gas, commented :
"I am delighted to welcome Les as the new Chair of JOG and he has already brought a wealth of valuable expertise to the Board. I am also very pleased to welcome Graham and Richard to the executive team of the Company. Together, they have the hands-on experience and track record of leading large project developments and creating significant shareholder value, and possess the necessary expertise to successfully complete our GBA farm-out process and accelerate JOG's growth plans.
"I would also like to take this opportunity to thank Ron and Vicary for their valuable contributions to the Company's development, as we successfully transitioned from start-up to ownership of one of the most promising new developments in the UK North Sea. Together with the Board and the rest of the JOG team, I wish them all the best with their future endeavours."
Andrew Benitz, CEO of Jersey Oil & Gas, commented :
"Les, Graham and Richard were instrumental in leading Ithaca Energy from being a small-cap E&P business into one of the largest independent UK North Sea oil and gas producers. I am delighted that we have been able to attract a team with such a successful track record and I very much look forward to working with them.
"Our GBA farm-out process continues and we are actively engaged with multiple counterparties. The macro environment has markedly improved since we began initial industry engagement and the scale and quality of the GBA asset base makes it an exciting growth opportunity."
Enquiries :
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Jersey Oil and Gas plc
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Andrew Benitz, CEO |
C/o Camarco: Tel: 020 3757 4983 |
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Strand Hanson Limited |
James Harris Matthew Chandler James Bellman
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Tel: 020 7409 3494 |
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Arden Partners plc |
Paul Shackleton
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Tel: 020 7614 5900 |
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finnCap Ltd |
Christopher Raggett Tim Redfern |
Tel: 020 7220 0500 |
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Camarco |
Billy Clegg James Crothers |
Tel: 020 3757 4983 |
Additional information on the Directorate Appointment
The following additional information is provided in accordance with AIM Rule 17 and paragraph (g) of Schedule Two of the AIM Rules for Companies:
Graham Andrew Forbes (aged 51)
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Current directorships/partnerships |
Past directorships/partnerships |
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Delek North Sea Limited |
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DKL Energy Limited |
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The Woodland Carbon Capture Company Ltd |
FPF1 Limited |
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Ithaca Alpha (N.I.) Limited |
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Ithaca Causeway Limited |
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Ithaca Delta Limited |
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Ithaca Dorset Limited |
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Ithaca Energy (North Sea) plc |
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Ithaca Energy (UK) Limited |
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Ithaca Energy Developments UK Limited |
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Ithaca Energy Holdings (UK) Limited |
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Ithaca Energy Holdings Limited |
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Ithaca Epsilon Limited |
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Ithaca Exploration Limited |
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Ithaca Gamma Limited |
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Ithaca GSA Holdings Limited |
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Ithaca GSA Limited* |
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Ithaca Minerals (North Sea) Limited |
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Ithaca North Sea Limited |
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Ithaca Oil and Gas Limited |
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Ithaca Petroleum Limited |
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Ithaca Pipeline Limited |
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Ithaca SP UK Limited |
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Ithaca SPL Limited |
* - UK Companies House records indicate that Mr Forbes remains a board member of Ithaca GSA Limited, however he resigned such directorships in January 2021 and, accordingly, steps are currently being taken to make/update the relevant filings.
Graham Forbes was formerly a director of Richards of Aberdeen Ltd which entered into insolvency proceedings on 18 November 2004 and was eventually dissolved following liquidation on 10 March 2010. Graham served as a director of this company from 1 March 2004 to 10 March 2010.
There is no further information to be disclosed in relation to Graham's appointment pursuant to AIM Rule 17 or Schedule Two paragraph (g) of the AIM Rules for Companies.
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's total GBA acreage is estimated by management to contain 172 million barrels of oil equivalent ("MMboe") of discovered P50 recoverable resources net to JOG, in addition to significant exploration upside potential of approximately 168MMboe of prospective resources in close proximity to the Company's planned Buchan platform. JOG has recently concluded the Concept Select phase of an FDP for the Greater Buchan Area and plans to progress into Front-End Engineering and Design (FEED) following greater clarity being obtained on regional electrification options and funding.
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.
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.
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