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Jersey Oil and Gas PLC (LON:JOG) has decided to pay $850,000 to TGS-Nopec Geophysical Company ASA pursuant in relation with an agreement in 2018.
- Norwegian subsea data firm TGS claimed for $1.1 million in uplift payments related to Jersey’s awards in the Oil and Gas Authority’s 31st supplementary offshore licensing round.
- North Sea-focused upstream oil & gas company Jersey had disputed the claims. But based on the legal advice received, it negotiated and agreed to a final settlement payment to TGS after two hearings at Norwegian courts, agreeing to pay the $850,000 settlement.
- It is worth noting that In its first half results reported in September, the company had stated that it had kept a provision of £200,000 in respect of the payments claimed.
- The company which is presently working on development in the Moray Firth has said that after the $850,000 settlement, the group’s estimated cash position was around £5 million as at 31 December 2020, almost £3 million higher than the initially budgeted 2020 year-end cash balance.
(Image Source: © Kalkine Group 2020)
- Jersey Oil & Gas, being led by chief executive Andrew Benitz, expects to enlist partners to boost its plans to achieve a major development in the North Sea.
- On 5 January 2021, the stocks of the Jersey Oil and Gas PLC (LON:JOG) traded lower by 1.61% from its previous closing, hovering at around GBX 122.50 at 10:29 AM GMT+1.
