Jersey Oil & Gas (JOG:63p), a UK North Sea-focused upstream oil and gas company that owns an 18 per cent interest in the P2170 licence (Blocks 20/5b & 21/1d), Outer Moray Firth, is the laggard in my 2019 Bargain Share Portfolio, a reflection of last month’s disappointing results from the company’s appraisal drilling programme on its flagship Verbier discovery in Block 20/5b (‘Jersey’s drilling disappoints’, 3 April 2019). As a result the shares are trading on a massive discount to house broker Arden Partners’ risked net asset value (NAV) per share estimate of 233p (833p on an unrisked basis) using a long-term Brent crude price of $65 a barrel, or 10 per cent below the current market price.
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