Jersey Oil & Gas (JOG) has reached a settlement with TGS in a financial dispute over an agreement entered into with TGS on 9 February 2018.
Jersey Oil & Gas (JOG) has reached a settlement with TGS in a financial dispute over an agreement entered into with TGS on 9 February 2018.
Under the agreement, TGS claimed payments from JOG totalling $1,050,838 in respect of licence awards to Jersey Petroleum Limited (JPL) in the UK Oil & Gas Authority’s 31st Supplementary Offshore Licensing Round and the acquisition by JPL of Equinor’s 70% interest in Licence P2170 (Verbier).
Jersey Oil and Gas has disputed the validity of both claims, following which two hearings have taken place in the Norwegian courts. On the basis of legal advice received, JOG has negotiated and agreed a final settlement payment to TGS of $850,000.
Following this payment, the group’s estimated cash position at 31 December 2020 was £5 million.
