Peter Gyllenhammar continues to increase his stake in Jersey Oil & Gas and it has reached 23.6%.
Gyllenhammar originally invested in the company when it was Trap Oil but he has also been buying shares since August when Jersey Oil & Gas reversed into the company in an all share deal valuing it at £495,000. A further £820,000 was raised at 22p a share – this share price was after a 100-for-one share consolidation. The share price has drifted down to 17.88p.
The strategy of the company is to acquire existing production in the North Sea. There are some residual exploration assets but there is no intention to use available cash on these assets.
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