Jersey Oil and Gas is in a similar position to Hartshead. - they hold 20% and are 100% free carried on the Buchan Project (after farmouts to Neo and Serica) - $25m cash and no debt - Neo as operator has "taken the decision to materially slow down activities at the Buchan Horst project"
While they took different paths to get there both are down around 70%.
In an article yesterday JOG said, "Jersey has sought to reduce costs and preserve cash" while at the same time "seeking "compelling" M&A opportunities to add cash flows and diversification" outside the UK. All that either company can do now is minimise costs and seek new projects outside of the UK while they wait on the majority partners for a project timeline.
Both NEO and Rockrose have said that uncertainty around the UK fiscal regime has been the major cause of delays. This will be resolved one way or the other in the budget due October 30.
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