Jersey Oil & Gas has built up its cash warchest in a bid to capitalise on the North Sea’s buyer’s market, according to its latest company update.
The independent upstream oil and gas firm, which is focused on the UK Continental Shelf, confirmed it now has enough cash reserves to cover its working capital requirements through the second half of next year.
The company also revealed it had put forward several bids for North Sea assets.
A company spokesperson said: “Given current market conditions, the Board believes that now is an opportune time to acquire such assets and remains confident, given progress to date, that the Company will be able to do so within a reasonable time frame.”
Andrew Benitz, chief executive of Jersey Oil & Gas, added: “As our shareholders would expect, we have continued to identify cost savings and carefully control expenditure whilst working hard to achieve our stated strategic objectives. We are confident of securing suitably attractive producing assets in the UKNS and it is the Board’s view that conditions currently are favourable for us to beneficially acquire producing assets within the North Sea on attractive commercial terms.”
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