UK North Sea-focused junior energy firm Jersey Oil and Gas E&P announced Wednesday that, after taking steps to minimize costs and improve efficiencies, its current cash reserves are sufficient to fund the company's working capital requirements into the second half of 2016.
Meanwhile, Jersey said that it is continuing to actively seek progress with its strategy of acquiring UK North Sea producing oil and gas assets in order unlock the value of the company's existing tax losses. The firm said that it has undertaking "significant" evaluation work on a number of potential opportunities and put forward several bids on a variety of different assets.
Jersey CEO Andrew Benitz commented in a company statement:
"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 UK North Sea and it is the board's view that conditions currently are favorable for us to beneficially acquire producing assets within the North Sea on attractive commercial terms."
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