The boss of Jersey Oil and Gas said the North Sea was still brimming with potential despite a sector-wide downturn.
The chief executive made the remarks as the company confirmed a profit for the first half of the year.
Company leader Andrew Benitz said: “We have spent over a year evaluating non-operated North Sea production acquisition opportunities and the group’s refined strategy is now focused on developing, exploiting and maintaining 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.
“As the industry adjusts to sustained lower oil prices, there is an active acquisition and divestiture market developing in the North Sea and we are seeking to benefit from this increased activity.
“Whilst the prevailing lower oil price environment has challenged, and continues to challenge, the viability of exploration and development activities in the North Sea, the region’s well established existing infrastructure means there are still plenty of producing fields that generate positive cashflow on a low operating cost base. We will focus our attention on such fields.”
In its latest financial report, the company was in the black by £0.56million – a stark rebound from the £8.4million loss for the same period last year.
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