Interim Results
Summary by AI BETAClose X
29 September 2026
Jersey Oil and Gas plc
(“Jersey Oil & Gas”, “JOG” or the “Company”)
Interim Results for the Six Month Period Ended 30 June 2026
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 its unaudited Interim Results for the six month period ended 30 June 2026.
Highlights & Outlook
- Increasing acknowledgement of the importance of domestic energy production over imports - providing the opportunity to boost UK economic growth, deliver increased tax revenue with lower carbon hydrocarbons, support energy security and anchor jobs across the UK
- Work underway to assess the optimal Greater Buchan Area (“GBA”) redevelopment solution within a re-set investment horizon - opportunity to add volumes and enhance overall value for all stakeholders
- Submission of GBA licence extension requests scheduled for later this year
- The Company maintains a solid financial position, with total cash reserves of £10.1 million and no debt - the business is right-sized for its current activities and focused on achieving its growth potential
- As a reminder, the Company’s 20% share of Buchan project expenditure is fully carried by its two joint venture partners, NEO NEXT+ and Serica Energy. A further $20 million cash payment is payable under the terms of the agreements following approval of the FDP by the NSTA and receipt of the associated regulatory and legal consents
- The Company has UK tax allowances equating to potential savings of over $60 million at current tax rates - continuing to assess opportunities to unlock this inherent value within the Company
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
“Current energy policy is driving: higher imports, job losses which are estimated to have reached 25,000 across the industry in the past two years, lower tax take, lower energy security and a loss of important domestic skills, at the same time as increasing the country’s net CO2 emissions. The cumulative actions of successive UK Governments, along with protracted delays in development project approvals, have undoubtedly damaged the UK’s oil and gas industry and actions are clearly required to deliver a sustained improvement in investor confidence. New investments into long term projects like the Greater Buchan Area redevelopment require confidence in a supportive regulatory and fiscal system that prioritises domestic energy. While the industry as a whole is seeking to tackle this issue, we are working closely with our joint venture partners in re-assessing the optimal area-wide GBA development solution, that has the potential to add volumes and enhance further value, within the context of a wider lens and longer execution schedule. We are also actively engaged with the regulator on the planned activities to support our licence extension requests, which will be submitted later this year.”
Enquiries:
|
Jersey Oil and Gas plc
|
Andrew Benitz |
c/o Camarco: 020 3757 4980
|
|
Strand Hanson Limited
|
James Harris Matthew Chandler James Bellman
|
Tel: 020 7409 3494 |
|
Zeus Capital Limited |
Simon Johnson |
Tel: 020 3829 5000
|
|
Cavendish Capital Markets Limited
|
Neil McDonald
|
Tel: 020 7220 0500 |
|
Camarco
|
Billy Clegg Rebecca Waterworth |
Tel: 020 3757 4980 |
- Ends -
Notes to Editors:
Jersey Oil & Gas (AIM:JOG) is a UK energy company focused on creating shareholder value through the development of oil and gas assets and the execution of accretive transactions.
The Company has a focused asset portfolio centred on developing homegrown North Sea resources that support the UK’s energy requirements, deliver jobs and economic growth as it transitions towards net zero. JOG holds a 20% interest in each of licences P2498 (Blocks 20/5a, 20/5e and 21/1a) and P2170 (Blocks 20/5b and 21/1d) located in the UK Central North Sea and referred to as the “Greater Buchan Area” (“GBA”). Licence P2498 contains the Buchan Horst (“Buchan”) oil field and J2 oil discovery and licence P2170 contains the Verbier oil discovery.
JOG’s strategy is focused on unlocking the organic value of its GBA assets, combined with the pursuit of potential asset acquisitions that bring cash flow, diversity and quality investment opportunities into the portfolio. The Company’s Board and Executive team have a wealth of experience in managing and growing publicly listed energy companies and a strong track-record of value creation in the UK North Sea’s oil and gas sector.
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.
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.
CHAIRMAN AND CHIEF EXECUTIVE OFFICER’S REPORT
UK Oil & Gas Industry Landscape
Oil and gas production in the UK North Sea has declined by 40% in the last 5 years and is on course to halve again by 2030. This has been driven in large part by the fiscal and regulatory uncertainties that have marred our industry ever since the Energy Profits Levy (“EPL”) was introduced in 2022, with the tax progressively getting more onerous and the period of its application more drawn out since then. Ahead of the UK Government’s upcoming Autumn Budget, our industry has identified over £50 billion of new investment opportunities that have the capability of being unlocked within a supportive fiscal and regulatory environment. In 2025, the Government completed various consultations, one of which outlined a workable replacement mechanism for the EPL, referred to as the Oil and Gas Revenue Levy (“OGRL”). The OGRL, which is scheduled to come into effect on 1 April 2030, will levy a 35% tax only on the revenues generated above applicable commodity threshold prices, that are projected to be around $98/bbl and 98p/therm by 2030 (in addition to the corporate and supplementary tax rate of 40%). Additionally, the Government completed an environmental consultation providing a framework for the inclusion of “Scope 3” emissions into future regulatory approval submissions.
The cumulative actions of successive Governments, along with protracted delays in development project approvals, have undoubtedly damaged the industry and actions are clearly required to deliver a sustained improvement in investor confidence. New investments into long term projects requires confidence in a supportive regulatory and fiscal system that prioritises domestic energy. As such, there is a continued effort across the industry to encourage the Government to address these issues and help secure the long term benefits of a vibrant UK oil and gas sector.
As succinctly set out by OEUK in its submission to the Government ahead of the Autumn Budget, the industry ask is simple. To introduce the OGRL as soon as possible and for the Government to provide clear support for regulatory certainty. Our industry has the potential to be a major contributor to boosting economic growth. Through an early introduction of the OGRL the industry has the potential to add an additional £70 billion of value to the UK economy through to 2035 and deliver an additional £14.9 billion in taxes compared with the current trajectory over the next decade. Such investment would propel significant job creation across our world class UK supply chain, driving reindustrialisation across the UK and delivering an additional 1.3 billion barrels of oil and gas production by 2035, thereby arresting North Sea production decline. The Climate Change Committee has independently forecast that the UK will consume a minimum of 13 billion barrels of oil and gas by 2050, these barrels will be used in the UK, regardless of where they come from. If we take this as a consumption ceiling, Government policy should be shaped to prioritise domestic production and jobs over imports to meet these consumption needs, providing societal benefit through economic growth, tax receipts and in turn increasing our ability to deliver a successful energy transition by 2050.
GBA Activities
The slowdown in the Buchan Horst (“Buchan”) redevelopment activities that has resulted from the continuing fiscal and regulatory uncertainties created by successive UK Governments has led to the optimal development solution being re-assessed within the context of a wider lens and a longer execution schedule than was initially envisaged. While redeployment of the “Western Isles” floating production, storage and offloading (“FPSO”) vessel was set out as the solution in the draft FDP submitted to the North Sea Transition Authority (“NSTA”), it is recognised that the passage of time means that other potential production solutions warrant further screening and consideration. Additional development engineering activities to evaluate these alternatives forms part of the forward work programme, including evaluating the availability and potential for use of other FPSOs in addition to the Western Isles vessel. Value engineering work is also being completed, particularly with respect to drilling and subsea infrastructure scopes of work, as part of the technical work targeting optimisations for the capital expenditure programme.
As part of its central objectives for managing the future resources of the UK North Sea, the NSTA is seeking to ensure that the GBA joint venture continues to look at the wider opportunity to connect volumes in the vicinity of a Buchan based production hub as part of an integrated evaluation and plan with potential third-party resource owners. Re-engagement with the owners of existing discoveries in the area is set to commence during the coming months to screen and evaluate any potential tieback opportunities. This has the positive potential of adding volumes, the sharing of capital expenditure and enhancement of value creation for all parties.
Work on these activities will continue into 2027 and the joint venture partners are in the process of establishing an appropriate plan and budget for next year that will support progression of the GBA and the licence extensions.
In preparation for future regulatory submissions, work was completed earlier in the year to establish the inputs required for an addendum to the Buchan Environmental Impact Assessment, upon finalisation of the appropriate development solution, incorporating the requirements of the updated guidance regarding the inclusion of Scope 3 emissions, as well as setting out the socio-economic benefits to the UK that the development would deliver.
With a limited number of potential future UK development projects of meaningful resource scale, the Greater Buchan Area’s estimated gross mid case proven and probable resources of approximately 100 million barrels of oil equivalent represents a material prize at this stage of the UK North Sea lifecycle.
GBA Licences
The “Second Term” of a UK offshore oil and gas licence sets the period in which the licencees are required to obtain Field Development Plan (“FDP”) approval for the area in order to subsequently move into the “Third Term”, which covers the development and production phase of activities for the life of a field.
The Second Term of the P2170 (Verbier) licence was recently extended by approximately six months, to 28 February 2027, thereby aligning it with the corresponding duration of the P2498 Buchan licence. Aligning the Second Terms of both GBA licences logically reflects the NSTA’s objectives for an integrated “Area Plan”, which has always been regarded by the joint venture partners as requiring a phased development solution led by the initial exploitation of Buchan’s resources.
A request to extend the Second Term of both the GBA licences will be made to the NSTA towards the end of this year. The GBA joint venture partners have shown clear progress and intent regarding their plans to develop the GBA resources, most significantly having previously submitted to the regulators a draft FDP and associated Environmental Impact Assessment for Buchan’s redevelopment. While the Government’s actions have hampered progression of the plans set out in those submissions, the NSTA is fully briefed on the joint venture’s activities on the GBA and the partnership is well placed to continue its engagement with the regulator on the proposed extensions.
Solid Financial Position
The Company is well positioned with total cash reserves at the end of H1-2026 of £10.1 million and no debt.
The operating costs of the Group for the 6 months to 30 June 2026 were £992,098 (6 months to 30 June 2025: £938,553). Excluding non-cash share option charges of £227,508 (6 months to 30 June 2025: £173,037), the costs were flat year on year at £764,590 (6 months to 30 June 2025: £765,516).
Combined with the receipt of net finance income of £165,194 (6 months to 30 June 2025: £241.295) the Group continues to expect its annual cash running costs to be under the forecast £1.5 million, absent any changes in the underlying activities of the business.
The cash costs of the business were reduced by over 50% prior to the start of 2025 as a result of temporary actions taken, including reducing all salaries by 50% and reducing the size of the Board following the slowdown in activities on the Buchan project.
Per the terms of the farm-out agreements executed with NEO NEXT+ and Serica Energy, the Company’s 20% share of Buchan project expenditure is fully carried by its two joint venture partners. A further $20 million cash payment is payable under the terms of the agreements following approval of the FDP by the NSTA and receipt of the associated regulatory and legal consents.
The Company has a substantial quantity of UK tax losses, inactivated losses and capital allowance claims. These have the potential to shelter future profits of over $120 million from corporation tax, over $100 million from the supplementary tax charge and over $50 million from the EPL. In total this amounts to potential tax savings of over $60 million at current UK tax rates. We continue to assess asset acquisition opportunities to unlock this inherent value within the Company.
Summary and Outlook
The Company’s vision is centred on successfully growing the business in a smart and sustainable way, developing important domestic energy supply in response to society’s energy needs and creating value for our stakeholders. The organisation is “right sized” for the stage and scale of its activities and maintains a nimble approach to advancing its key strategic objectives.
Advancing the Buchan redevelopment project, along with the wider GBA resource base, offers an excellent opportunity to deliver significant shareholder value and this primary objective sits at the centre of the Company’s priorities.
|
Les Thomas Non-Executive Chairman
|
Andrew Benitz Chief Executive Officer
|
28 September 2026
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2026
|
|
|
|
6 months to |
|
6 months to |
|
Year to |
|
|
|
|
30/06/26 |
|
30/06/25 |
|
31/12/25 |
|
|
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
Notes |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses |
4 |
|
(992,098) |
|
(938.553) |
|
(2,169,240) |
|
|
|
|
|
|
|
|
|
|
OPERATING LOSS |
|
|
(992,098) |
|
(938,553) |
|
(2,169,240) |
|
|
|
|
|
|
|
|
|
|
Finance income |
|
|
165,797 |
|
242,799 |
|
460,425 |
|
Finance expense |
|
|
(603) |
|
(1,504) |
|
(2,383) |
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE TAX |
|
|
(826,904) |
|
(697,258) |
|
(1,711,198) |
|
|
|
|
|
|
|
|
|
|
Tax |
5 |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
LOSS FOR THE PERIOD |
|
|
(826,904) |
|
(697,258) |
|
(1,711,198) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD |
|
|
(826,904) |
|
(697,258) |
|
(1,711,198) |
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss attributable to: |
|
|
|
|
|
|
|
|
Owners of the parent |
|
|
(826,904) |
|
(697,258) |
|
(1,711,198) |
|
|
|
|
|
|
|
|
|
|
Loss per share expressed |
|
|
|
|
|
|
|
|
in pence per share: |
|
|
|
|
|
|
|
|
Basic |
6 |
|
(2.53) |
|
(2.13) |
|
(5.24) |
|
Diluted |
6 |
|
(2.53) |
|
(2.13) |
|
(5.24) |
The above condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026
|
|
|
|
30/06/26 |
|
30/06/25 |
|
31/12/25 |
|
|
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
Notes |
|
£ |
|
£ |
|
£ |
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
Intangible assets - exploration & development costs |
7 |
|
11,883,938 |
|
11,795,976 |
|
11,873,233 |
|
Property, plant and equipment |
8 |
|
550 |
|
1,300 |
|
925 |
|
Right-of-use assets |
12 |
|
- |
|
55,864 |
|
27,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
11,884,488 |
|
11,853,140 |
|
11,902,090 |
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
Trade and other receivables |
9 |
|
259,712 |
|
317,368 |
|
88,119 |
|
Cash and cash equivalents |
10 |
|
321,584 |
|
834,777 |
|
723,203 |
|
Term deposits |
11 |
|
9,800,000 |
|
10,500,000 |
|
10,300,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
10,381,296 |
|
11,652,145 |
|
11,111,322 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
22,265,784 |
|
23,505,285 |
|
23,013,412 |
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Called up share capital |
|
|
2,574,529 |
|
2,574,529 |
|
2,574,529 |
|
Share premium account |
|
|
110,535,059 |
|
110,535,059 |
|
110,535,059 |
|
Share options reserve |
|
|
4,768,330 |
|
4,437,142 |
|
4,798,938 |
|
Accumulated losses |
|
|
(95,321,350) |
|
(93,805,979) |
|
(94,752,562) |
|
Reorganisation reserve |
|
|
(382,543) |
|
(382,543) |
|
(382,543) |
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY |
|
|
22,174,025 |
|
23,358,208 |
|
22,773,421 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Lease liabilities |
12 |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Trade and other payables |
13 |
|
91,759 |
|
103,973 |
|
225,516 |
|
Lease liabilities |
12 |
|
- |
|
43,104 |
|
14,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
91,759 |
|
147,077 |
|
239,991 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
91,759 |
|
147,077 |
|
239,991 |
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
|
22,265,784 |
|
23,505,285 |
|
23,013,412 |
The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2026
|
|
|
|
Called up share |
|
Share premium |
|
Share options |
|
Accumulated |
|
Re- organisation |
|
Total |
|
|
|
|
capital |
|
account |
|
reserve |
|
losses |
|
reserve |
|
equity |
|
|
|
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2025 |
|
|
2,574,529 |
|
110,535,059 |
|
4,504,673 |
|
(93,349,289) |
|
(382,543) |
|
23,882,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period and total comprehensive income
|
|
|
- |
|
- |
|
- |
|
(697,258) |
|
- |
|
(697,258) |
|
Expired share options |
|
|
|
|
|
|
(240,568) |
|
240,568 |
|
- |
|
- |
|
Share based payments |
|
|
-
|
- |
- |
|
173,037 |
|
- |
|
- |
|
173,037
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2025 |
|
|
2,574,529 |
|
110,535,059 |
|
4,437,142 |
|
(93,805,979) |
|
(382,543) |
|
23,358,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2026 |
|
|
2,574,529 |
|
110,535,059 |
|
4,798,938 |
|
(94,752,562) |
|
(382,543) |
|
22,773,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period and total comprehensive income |
|
|
- |
|
- |
|
- |
|
(826.904) |
|
- |
|
(826,904) |
|
Expired share options |
|
|
- |
- |
- |
|
(258,116) |
|
258,116 |
|
- |
|
- |
|
Share based payments |
|
|
- |
- |
- |
|
227,508 |
|
- |
|
- |
|
227,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2026 |
|
|
2,574,529 |
|
110,535,059 |
|
4,768,330 |
|
(95,321,350) |
|
(382,543) |
|
22,174,025 |
The following describes the nature and purpose of each reserve within owners’ equity:
|
Reserve |
Description and purpose
|
|
Called up share capital |
Represents the nominal value of shares issued |
|
Share premium account |
Amount subscribed for share capital in excess of nominal value |
|
Share options reserve |
Represents the accumulated balance of share-based payment charges recognised in respect of share options granted by the Company less transfers to accumulated losses in respect of options exercised or cancelled/lapsed |
|
Accumulated losses |
Cumulative losses recognised in the Condensed Consolidated Statement of Comprehensive Income |
|
Reorganisation reserve |
Amounts resulting from the restructuring of the Group at the time of the Company’s Initial Public Offering (IPO) in 2011 |
The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2026
|
|
|
|
6 months to |
|
6 months to |
|
Year to |
|
|
|
|
30/06/26 |
|
30/06/25 |
|
31/12/25 |
|
|
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
Notes |
|
£ |
|
£ |
|
£ |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Cash used in operations |
14 |
|
(956,487) |
|
(860,901) |
|
(1,565,696) |
|
Interest paid |
|
|
(603) |
|
(1,504) |
|
(2,383) |
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities |
|
|
(957,090) |
|
(862,405) |
|
(1,568,079) |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds received from farm-out transaction |
|
|
- |
|
- |
|
- |
|
Interest received |
|
|
67,189 |
|
46,425 |
|
472,997 |
|
Purchase of tangible assets |
8 |
|
- |
|
- |
|
- |
|
Purchase of intangible assets |
7 |
|
(10,706) |
|
(156,908) |
|
(160,754) |
|
Investing cash flows before movements in capital balances |
|
|
56,483 |
|
(110,483) |
|
312,243 |
|
|
|
|
|
|
|
|
|
|
Transfers (to) / from term deposits |
|
|
500,000 |
|
(4,350,000) |
|
(4,150,000) |
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
556,483 |
|
(4,460,483) |
|
(3,837,757) |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Principal elements of lease payments |
|
|
(1,012) |
|
(28,207) |
|
(56,832) |
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
- |
|
(28,207) |
|
(55,832) |
|
|
|
|
|
|
|
|
|
|
(DECREASE)/ INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
(401,619) |
|
(5,351,095) |
|
(5,462,669) |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
|
|
723,203 |
|
6,185,872 |
|
6,185,872 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
10 |
|
321,584 |
|
834,777 |
|
723,203 |
The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
1. GENERAL INFORMATION
Jersey Oil and Gas plc (the “Company”) and its subsidiaries (together, the “Group”) are involved in the upstream oil and gas business in the UK.
The Company is a public limited company incorporated and domiciled in England & Wales and quoted on AIM, a market operated by London Stock Exchange plc. The address of its registered office is 71-75 Shelton Street, Covent Garden, London WC2H 9JQ.
The reporting period for the Group’s condensed consolidated interim financial statements is the six-month period from 1 January 2026 to 30 June 2026, which were authorised for issue in accordance with a resolution of the Board of Directors on 28 September 2026.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Preparation
The interim condensed consolidated financial statements for the six months ended 30 June 2026 were prepared in conformity with the requirements of the Companies Act 2006 (the “Companies Act”).
These unaudited interim condensed consolidated financial statements of the Group have been prepared following the same accounting policies and methods of computation as the consolidated financial statements for the year ended 31 December 2025. These unaudited interim condensed consolidated financial statements do not include all the information and footnotes required by generally accepted accounting principles for annual financial statements and therefore should be read in conjunction with the consolidated financial statements and the notes thereto in the Company’s annual report for the year ended 31 December 2025.
The financial information contained herein does not constitute statutory financial statements within the meaning of section 434 of the Companies Act 2006.
Consolidated statutory accounts for the year ended 31 December 2025, on which the auditors gave an unqualified audit report, have been filed with the Registrar of Companies.
The Group's financial statements have been prepared under the historic cost convention. The interim condensed consolidated financial statements are presented in Sterling, which is also the Group's functional currency.
Going Concern
The Group has sufficient resources to meet its liabilities as they fall due for a period of at least 12 months after the date of issue of these condensed consolidated interim financial statements. The Company’s current cash reserves are expected to more than exceed its estimated cash outflows in all reasonable scenarios for at least 12 months following the date of issue of these condensed consolidated interim financial statements. Even in a scenario where the Buchan redevelopment project did not progress for whatever reason(s) and the future farm-out instalment payments were not realised, the Group has the funds to continue in business beyond the next 12 months solely from utilisation of its existing cash resources. The directors have also considered the risk associated with contractual arrangements associated with progression of the Buchan redevelopment project and are satisfied that the Group is not exposed to any contractual commitments which could impact on the Group’s going concern status over the next 12 months. Based on these circumstances, the directors have considered it appropriate to adopt the going concern basis of accounting in preparing the condensed consolidated interim financial statements.
Accounting policies
The accounting policies adopted in the preparation of the condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group’s latest audited annual financial statements for the year ended 31 December 2025.
The impact of seasonality or cyclicality on operations is not considered significant for the condensed consolidated interim financial statements.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
3. SEGMENTAL REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the Board of Directors.
The Board considers that the Group operates in a single segment, that of oil and gas exploration, appraisal, development, and production, in a single geographical location, the North Sea of the United Kingdom.
The Board as a whole is the Group’s chief operating decision maker within the meaning of IFRS 8 “Operating Segments”.
During the period to 30 June 2026 and during the year ended 31 December 2025 the Group had no revenue.
4. ADMINISTRATIVE EXPENSES
The following significant costs are included:
|
|
|
30/06/26 |
|
30/06/25 |
|
|
|
(unaudited) |
|
(unaudited) |
|
|
|
£ |
|
£ |
|
Third Party Transaction Fees / Bonuses |
|
- |
|
- |
|
Non-Cash Share Based Payments (net) |
|
(227,508) |
|
(173,037) |
|
|
|
|
|
|
Non-Cash Share Based Payments increased in H1 2026 mainly due to vesting of existing share options. No Share Options were issued during the period.
5. TAX
Jersey Oil and Gas plc is a trading company but no liability to UK corporation tax arose on its ordinary activities for the period ended 30 June 2026 due to trading losses.
6. EARNINGS/(LOSS) PER SHARE
Basic loss per share is calculated by dividing the losses attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.
Diluted loss per share is calculated using the weighted average number of shares adjusted to assume the conversion of all dilutive potential ordinary shares.
There is no difference between dilutive and basic loss per share due to there being a loss recorded in the period.
The share options issued in the Group that would potentially dilute earnings per share in the future have not been included in the calculation of diluted loss per share as their effect would be anti-dilutive.
|
|
|
Losses attributable to ordinary shareholders |
|
Weighted average number of shares |
|
Per share amount Pence |
|
|
|
£ |
|
|
|
|
|
Period ended 30 June 2026 |
|
|
|
|
|
|
|
Basic and Diluted EPS |
|
|
|
|
|
|
|
Loss attributable to ordinary shareholders |
|
(826,904) |
|
32,667,467 |
|
(2.53) |
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
7. INTANGIBLE ASSETS
|
|
|
|
|
|
|
Exploration |
|
|
|
|
|
|
|
Costs |
|
|
|
|
|
|
|
£ |
|
COST |
|
|
|
|
|
|
|
At 1 January 2026 |
|
|
|
|
|
12,048,473 |
|
Additions |
|
|
|
|
|
10,706 |
|
|
|
|
|
|
|
|
|
At 30 June 2026 |
|
|
|
|
|
12,059,179 |
|
|
|
|
|
|
|
|
|
ACCUMULATED AMORTISATION |
|
|
|
|
|
|
|
At 1 January 2026 |
|
|
|
|
|
175,241 |
|
|
|
|
|
|
|
|
|
At 30 June 2026 |
|
|
|
|
|
175,241 |
|
|
|
|
|
|
|
|
|
CARRYING AMOUNT 30 June 2026 |
|
|
|
|
|
11,883,938 |
Additions represent the work capitalised on the Buchan redevelopment assets.
At the start of 2023, the Company owned 100% interests in two licenses; P2498 containing the Buchan field and J2 Discovery, and P2170 containing the Verbier discovery.
At the end of 2023, the costs incurred in acquiring and advancing the licenses to their current state was £25,700,982 (2022: £24,548,122). During 2023 a farm-out of a 50% interest in both licenses to NEO was completed and in 2024 a farm out of a 30% interest in both licenses to Serica was completed. Both deals had similar terms whereby in exchange for the farm in, the respective parties agreed to a series of cash payments and both a pre-development and development carry on the Buchan Redevelopment project. In accordance with our farm-out policy for assets at that stage of development, the cash proceeds of £5,519,216 in 2024 and £9,103,944 in 2023 were both deducted from the carrying value of the assets.
In line with the requirements of IFRS 6, we have considered whether there are any indicators of impairment on the exploration and development assets. Based on our assessment, as at 30 June 2026 there were not deemed to be indicators that the licences are not commercial and that the carrying value of £11,883,938 continues to be supported by ongoing development work on the licence areas with no impairments considered necessary. It is noted that although regulatory and fiscal changes have been announced the continued application of the Energy Profits Levy means uncertainty remains around the timing of potential sanction of the Buchan redevelopment project by the Joint Venture.
.
8. PROPERTY, PLANT AND EQUIPMENT
|
|
|
|
|
|
|
Computer |
| |||||||||||
|
|
|
|
|
|
|
and office |
| |||||||||||
|
|
|
|
|
|
|
equipment |
| |||||||||||
|
|
|
|
|
|
|
£ |
| |||||||||||
|
|
COST |
|
|
|
|
|
|
| ||||||||||
|
|
At 1 January 2026 |
|
|
|
|
|
230,810 |
| ||||||||||
|
|
Disposal / Retirement |
|
|
|
|
|
(224,075) |
| ||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
At 30 June 2026 |
|
|
|
|
|
6,736 |
| ||||||||||
|
|
ACCUMULATED AMORTISATION, DEPLETION AND DEPRECIATION |
|
|
|
|
| ||||||||||||
|
|
At 1 January 2026 |
|
|
|
|
|
229,885 |
| ||||||||||
|
|
Disposal / Retirement |
|
|
|
|
|
(223,699) |
| ||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
At 30 June 2026 |
|
|
|
|
|
6,186 |
| ||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
CARRYING AMOUNT 30 June 2026 |
|
|
|
|
|
550 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
9. TRADE AND OTHER RECEIVABLES
|
|
|
30/06/26 |
|
30/06/25 |
|
31/12/25
|
|
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
|
£ |
|
£ |
|
£ |
|
Office Deposits Other receivables |
|
7,170 30 |
|
17,466 30 |
|
17,466 29 |
|
Prepayments |
|
79,405 |
|
69,117 |
|
16,055 |
|
Accrued income |
|
137,998 |
|
198,374 |
|
39,391 |
|
Value added tax |
|
35,109 |
|
32,381 |
|
15,178 |
|
|
|
259,712 |
|
317,368 |
|
88,119 |
As at 30 June 2026, there were no trade receivables past due nor impaired. There are immaterial expected credit losses recognised on these balances.
10. CASH AND CASH EQUIVALENTS
The amounts disclosed in the condensed consolidated statement of cash flows in respect of cash and cash equivalents are in respect of these consolidated statement of financial position amounts:
|
|
|
30/06/26 |
|
30/06/25 |
|
31/12/25 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
|
£ |
|
£ |
|
£ |
|
Cash and cash equivalents |
|
321,584 |
|
834,777 |
|
723,203 |
The cash balances are placed with creditworthy financial institutions with a minimum rating of ‘A’.
11. TERM DEPOSITS
|
|
|
30/06/26 |
|
30/06/25 |
|
31/12/25 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
|
£ |
|
£ |
|
£ |
|
Maturing within six months |
|
9,800,000 |
|
10,500,000 |
|
10,300,000 |
|
|
|
|
|
|
|
|
Term deposits are placed with a creditworthy financial institution with a minimum rating of ‘A’.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
12. LEASES
Amounts recognised in the statement of financial position:
|
|
|
30/06/26 |
|
30/06/25 |
|
31/12/25 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
Right-of-use Assets
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Buildings |
- |
|
55,864 |
|
27,932 |
|
|
|
|
|
|
|
|
|
|
|
- |
|
55,864 |
|
27,932 |
|
|
|
30/06/26 |
|
30/06/25 |
|
31/12/25 |
|
|
Lease liabilities |
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
|
£ |
|
£ |
|
£ |
|
|
Current |
- |
|
43,104 |
|
14,475 |
|
|
Non-current |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
- |
|
43,104 |
|
14,475 |
The Right-of-use Assets lease agreement relating to the Jersey office was ended on 31 March 2026 with a loss on disposal of £505. The Jersey Office has been downsized and now all property leases are cancellable within 12 months of commencement. Monthly rentals are expensed as incurred.
Amounts recognised in the statement of comprehensive income:
|
|
|
30/06/26 |
|
30/06/25 |
|
31/12/25 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
|
£ |
|
£ |
|
£ |
|
|
Depreciation charge of right-of-use asset |
|
|
|
|
|
|
|
Buildings |
13,966 |
|
27,932 |
|
55,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,966 |
|
27,932 |
|
55,864 |
|
|
|
|
|
|
|
|
|
|
30/06/25 |
|
30/06/25 |
|
31/12/25 |
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
£ |
|
£ |
|
£ |
|
Interest expenses (included in finance cost) |
|
|
|
|
|
|
Buildings |
(109) |
|
(968) |
|
(1,508) |
|
|
|
|
|
|
|
|
|
(109) |
|
(968) |
|
(1,508) |
13. TRADE AND OTHER PAYABLES
|
|
|
30/06/26 |
|
30/06/25 |
|
31/12/25 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
|
£ |
|
£ |
|
£ |
|
Trade payables |
|
36,931 |
|
56,468 |
|
31,088 |
|
Accrued expenses |
|
21,265 |
|
17,666 |
|
170,939 |
|
Taxation and Social Security |
|
28,081 |
|
21,334 |
|
23,489 |
|
Other payables |
|
5,482 |
|
8,505 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
91,759 |
|
103,973 |
|
225,516 |
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
|
14. |
NOTES TO THE CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
RECONCILIATION OF LOSS BEFORE TAX TO CASH USED IN OPERATIONS |
|
|
|
30/06/26 |
|
30/06/25 |
|
31/12/25 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
|
£ |
|
£ |
|
£ |
|
Loss for the period before tax |
|
(826,904) |
|
(697,258) |
|
(1,711,198) |
|
Adjusted for: |
|
|
|
|
|
|
|
Depreciation |
|
375 |
|
375 |
|
750 |
|
Depreciation on right of use asset |
|
13,966 |
|
27,932 |
|
55,864 |
|
Loss on disposal of right of use asset Share based payments |
|
505 227,508 |
|
- 173,038 |
|
- 602,190 |
|
Finance costs |
|
603 |
|
1,504 |
|
2,383 |
|
Finance income |
|
(165,797) |
|
(242,799) |
|
(460,425 |
|
|
|
|
|
|
|
|
|
|
|
(749,744) |
|
(737,208) |
|
(1,510,436) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) / Decrease in trade and other receivables |
|
(72,986) |
|
(16,796) |
|
3,507 |
|
(Decrease) / Increase in trade and other payables |
|
(133,757) |
|
(106,897) |
|
(58,767) |
|
|
|
|
|
|
|
|
|
Cash used in operations |
|
(956,487) |
|
(860,901) |
|
(1,565,696) |
15. POST BALANCE SHEET EVENTS
None.
16. AVAILABILITY OF THE INTERIM REPORT 2026
A copy of these results will be made available for inspection at the Company’s registered office during normal business hours on any weekday. The Company’s registered office is at 71-75 Shelton Street, Covent Garden, London WC2H 9JQ. A copy can also be downloaded from the Company’s website at www.jerseyoilandgas.com. Jersey Oil and Gas plc is registered in England and Wales with registration number 7503957.
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