Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf ('UKCS') region of the North Sea, announces that it has today granted options over, in aggregate, 522,000 ordinary shares of 1p each in the capital of the Company to its Directors, senior management and employees (the 'Options').

The Options have been granted at an exercise price of 210p, representing a premium of approximately 15.7 per cent. to the middle market closing price of an Ordinary Share of 181.5p on 17 March 2021, being the latest practicable date prior to this announcement.

A total of 2,781,689 Option awards are outstanding following these new grants, which will represent approximately 9.0 per cent. of the Company's enlarged share capital of 30,920,136 Ordinary Shares following shareholder approval and completion of the placing and subscription elements of the Company's fundraising announced yesterday (excluding any further Ordinary Shares which may be issued pursuant to the forthcoming offer for subscription for qualifying participants).

The Option awards were approved by the Remuneration Committee, and by the Board in respect of the Options awarded to Non-Executive Directors, as part of the Company's annual pay review process. The Options have been issued under the Jersey Oil and Gas plc 2016 Enterprise Management Incentive and Unapproved Share Option Plan.

Subject to vesting and such performance conditions being met, the new Options are exercisable for up to seven years from their date of grant and will lapse if not exercised by such date.

Senior Management and Employees

A further 192,000 new Options, in aggregate, have been granted to certain other members of senior management and employees at the same exercise price of 210p per Ordinary Share.

Contact:

Andrew Benitz

Tel: 020 3757 4983

Notes to Editors

Jersey Oil & Gas is a UK E&P company focused on building an upstream oil and gas business in the North Sea. The Company holds a significant acreage position within the Central North Sea referred to as the Greater Buchan Area ('GBA'), which includes operatorship and 100% working interests in blocks that contain the Buchan oil field and J2 and Glenn oil discoveries and an 100% working interest in the P2170 Licence Blocks 20/5b & 21/1d (subject to the Oil & Gas Authority's approval of the acquisition of CIECO V&C UK Limited as announced on 26 November 2020), that contain the Verbier oil discovery and other exploration prospects

JOG's total GBA acreage is estimated by management to contain 190 million barrels of oil equivalent ('mmboe') of discovered P50 recoverable resources net to JOG, in addition to significant exploration upside potential of approximately 220 mmboe of prospective resources in close proximity to our planned Buchan platform. JOG has recently concluded the Concept Select Phase of an FDP for the Greater Buchan Area and plans to progress into Front End Engineering and Design (FEED) later this year.

JOG is focused on delivering shareholder value and growth through creative deal-making, operational success and licensing rounds. Its management is convinced that opportunity exists within the UK North Sea to deliver on this strategy and the Company has a solid track-record of tangible success.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018 ('MAR').

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