BEIRUT, Lebanon (AP) _ Following is a text of Islamic Jihad's statement declaring its intention to release kidnapped American priest the Rev. Lawrence Jenco. The statement was issued in Arabic and translated by The Associated Press:

In the Almighty's name,

A statement addressed to the world public opinion, the American people and families of the hostages,

We declare that we shall soon release Father Jenco, one of the hostages with us, because of his deteriorating health and in conformity with our humanitarian Islamic principles. This is a goodwill gesture that underscores our just right and demands, justifying the direction of our animosity against the American policy as personified by (President) Reagan and his administration.

On this occasion we wish to stress that this will be the last gesture on our part. From then on, the American government shall bear the full responsibility for the lives of the rest of the hostages. There will be grave consequences unless our demands are met. We shall give Father Jenco a letter from the rest of the hostages to the American people and to their families.

If you stand by God, He shall make you triumph,

The Islamic Jihad Organization.