The focus was on the near future as Jersey Oil & Gas Plc (LON:JOG) released its financial results statement for 2016, with the North Sea explorer looking forward to summer drilling.
Partnered with Statoil the company will be part of a high impact exploration programme, to test the Verbier prospect which has the potential to contain some 162mln barrels of oil.
A separate exploration project is also planned later this year, alongside Azinor, testing the Partridge prospect.
Jersey also highlighted that it continues to ‘work actively’ on several possible acquisitions, whilst at the same time talks are ongoing with a major bank and potential funding partners which may support deals.
Recapping the activities of last year, meanwhile, chief executive Andrew Benitz said: "2016 has been another transformational year for Jersey Oil and Gas, during which we have achieved what we believe to be the first promoted farm-out of an exploration licence in the UK North Sea in over two years.”
He added: “We have only recently started on JOG's journey and I believe that our team, supported by our shareholders, is capable of developing the Company much further from where we are today."
Statoil will cover Jersery for Verbier costs
The farm-out deal with Statoil was the company’s key milestone achievement in 2016. It saw the AIM quoted explorer retain an 18% stake in the project, and Statoil commit to pay Jersey’s share of drilling costs, up to US$25mln on the first well.
Jersey raised £1.6mln of new capital during the year, and ended December with £1.9mln of cash.
It reported a £793,439 pre-tax loss for the year, down for £1.4mln in the previous year.
The company highlighted that it continues to keep tight control of costs, noting that staff agreed to salary cuts of up to 50% for nine months of the year (albeit normal salary levels have since been restored).
It plans to re-open a London office when circumstances allow and in the meantime continue to operate out of its office in Jersey.