Jersey Oil and Gas PLC Withdrawal of Special Resolution (1441P)
24 May 2018 - 4:28PM
UK Regulatory
TIDMJOG
RNS Number : 1441P
Jersey Oil and Gas PLC
24 May 2018
24 May 2018
Jersey Oil and Gas plc
("Jersey Oil & Gas" or the "Company")
Withdrawal of Special Resolution
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and
gas company focused on the UK Continental Shelf ("UKCS") region of
the North Sea, announces ahead of its Annual General Meeting
scheduled to be held at 12.00 noon today (24 May 2018), that the
Company has elected to withdraw Special Resolution 5 which sought
authorisation for the Directors to be able to allot equity
securities for cash free of pre-emption rights up to an aggregate
nominal amount representing approximately 20 per cent. of the
Company's issued share capital. This withdrawal does not affect the
Company's strategy or the day-to-day running of the business and
follows indications from a small number of the Company's
significant shareholders that they are not supportive of this
particular resolution.
As previously announced, cash and cash equivalents held by the
Company as at 31 December 2017 totalled GBP25.4 million and the
Company is presently budgeting for approximately GBP11 million of
capital expenditure in relation to the 2018 P.2170 work programme,
including the Verbier appraisal well, possible sidetrack and the
current 3D seismic survey. Accordingly, the Company currently has
sufficient funding for the upcoming work programme and its working
capital requirements, such that the Board does not consider it
necessary to propose a revised resolution this year. The Board will
seek to consult with shareholders in advance of proposing a similar
resolution, within reduced limits, at the Annual General Meeting to
be held in 2019.
The withdrawal of Resolution 5 does not affect the validity of
the remainder of the resolutions to be proposed at the Annual
General Meeting, or to proxy forms submitted in respect of the
remaining resolutions to be put to shareholders for approval later
today.
Enquiries:
Jersey Oil and Gas Andrew Benitz, C/o Camarco:
plc CEO Tel: 020 3757
4983
Strand Hanson Limited James Harris Tel: 020 7409
Matthew Chandler 3494
James Bellman
Arden Partners plc Chris Hardie Tel: 020 7614
Benjamin Cryer 5900
BMO Capital Markets Jeremy Low Tel: 020 7236
Limited Neil Haycock 1010
Tom Rider
Camarco Billy Clegg Tel: 020 3757
Georgia Edmonds 4983
James Crothers
Notes to Editors:
Jersey Oil & Gas is a UK E&P company focused on building
a production-focused company in the North Sea. The Company owns an
18% interest in the P.2170 licence, Blocks 20/5b & 21/1d, Outer
Moray Firth, in which the operator, Statoil (U.K.) Limited, owns a
70% interest and CIECO V&C (UK) Limited owns a 12%
interest.
The Company plans to build a production portfolio via both
organic development and acquisitions coinciding with the cyclical
recovery in the oil price and the opportune buying market available
in the North Sea. The Company is involved in multiple sales
processes and intends to draw on its management team's experience,
knowledge and expertise to deliver shareholder value from its
stated growth strategy.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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